Lafayette

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Either attorneys or corporate title agents may conduct closings, but a notary must authenticate the documentation. Conveyance is by warranty deed or by act of sale. Mortgages are the security instruments generally used in commercial transactions, while vendor’s liens and seller’s privileges are used in other purchase money situations. Foreclosures are swift (60 days) and sure (no right of redemption). Successful foreclosure sale bidders receive an adjudication from the sheriff. Louisianians use ALTA owner’s and lender’s policies and endorsements. Buyers generally pay the title insurance and closing costs. There are no mortgage or transfer taxes. Property tax payment dates vary from parish to parish (parishes are like counties). Louisiana is a community-property state.

Varies from parish to parish (parishes are like counties).

YES. Key components of property management (managing, renting and leasing) are considered real estate activities under existing Louisiana real estate licensing laws. If someone is paid to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license.

Yes. For example, assisting in the performance of property management functions by carrying out administrative, clerical or maintenance tasks does not require a real estate license. For more information about these and other Louisiana property management requirements and exceptions, please contact the Louisiana Real Estate Commission. Before hiring a property manager to manage your Louisiana rental property, you should always check that he or she is licensed appropriately. You can check the license status of Louisiana property managers and the Louisiana Real Estate Commission's License Search webpage.

NO. A broker's license is not required to manage community associations or condo associations in Louisiana.

Louisiana real estate broker licensing requirements include: - Experience: must have been actively licensed as a real estate salesperson for at least four years in any state/jurisdiction - High School: high school diploma or equivalent - Education: proof of successful completion of 150 classroom hours or equivalent in courses specified and approved by the LREC. In addition, new broker licensees are required to complete 45 hours of post-license education within 180 days of receiving the initial license. - Exam: pass the broker licensing examination - Insurance: provide proof of mandatory errors and omissions insurance prior to issuance of license - Fee: application fee is $120

Louisiana real estate salesperson requirements include: - Age: Must be at least 18 years old - High School: Must have attained high school diploma or equivalent - Education: Must have successfully completed 90 hours in real estate courses approved by the LREC - Application: Must comply with all LREC application procedures, including submission of criminal background check - Exam: must pass the real estate salesperson licensing exam - Sponsor: must be sponsored by a licensed real estate broker - Insurance: must provide proof of errors and omissions insurance