A home or property does NOT need to be paid for in full to execute a Bond for Deed Contract. A Bond for Deed can be executed in a much quicker time frame than that of other types of owner financing agreements. Any property transfers in Louisiana are done voluntarily with a contract, including a Bond for Deed. A person must be of legal age of majority in the State of Louisiana in order to purchase a property. Once a Bond for Deed purchase agreement is agreed upon and signed by all parties, then an executed Bond for Deed is prepared and signed in front of a Notary or Attorney, by all parties. If the parties are married then a declaration of the married parties names are recited in the executed document declaring they are both in fact buyers and/or sellers. The executed Bond for Deed will be retained by Seller and/or a licensed servicing escrow company. All payments for Bond for Deed are made to the seller or a servicing escrow company, acting on behalf of the seller to collect payments in monthly installments, as per the executed Bond for Deed contract. Bond for Deed contracts doesn’t require credit checks so that someone with less than stellar credit due to medical bills, bankruptcy, and other issues can execute a Bond for Deed contract. The Seller will retain title to the property until all installments, under the terms of the Bond for Deed Contract, are paid. Most payments are due on or before the 1st of the month unless otherwise specified. It is important to remember that paying the bond for deed before the 1st of the month is best for all concerned if there is an underlying mortgage so that the mortgage payments can be timely. The Buyer can make improvements to the property, which in turn normally provides for property value increases, depending on the wider real estate market. These improvements accrue to the benefits of the buyer when they take title to the property. Any improvements that the buyer makes to the property will benefit the Seller in the event of a default. That said, the buyer benefits by being able to acquire property in As-Is condition without an appraisal through a negotiated agreement with the seller on terms that are acceptable to both parties. In the State of Louisiana, the laws that govern and dictate how Bond for Deed Contracts is handled are recited in the Revised Statutes for the State of Louisiana. The Revised Statutes are namely in R.S. 9:2941 et seq. A closing Notary or Attorney that is licensed in the State of Louisiana can answer more pertinent questions that relate to the Revised Statutes in the State of Louisiana.