Louisiana REALTORS® Preserve Rights to Choose Closing Partners
Home buyers and sellers will maintain their right to choose their preferred closing representatives, thanks to the Central Louisiana REALTORS® Association.
The Louisiana legislature had proposed Senate Bill 426, which would have required real estate sellers to use certain settlement providers in residential transactions.
The Central Louisiana REALTORS® Association spotted multiple problems with the proposal and worked to defeat the bill.
The Louisiana REALTORS® Association and the Louisiana Bankers Association also joined the fight against the proposal. This coordinated effort led to the bill’s defeat, 26-13, on the state Senate floor.
Had the bill passed, sellers would not have been allowed to choose their preferred closing attorneys; buyers and sellers alike would have lost the ability to negotiate important terms of their real estate contract; and the buyer’s ability to secure financing would have been limited by new compliance burdens.
REALTORS® recognized the proposed legislation would create higher costs and thus negatively impact the housing market in the state. The Central Louisiana REALTORS® Association always tracks proposed bills to identify laws that will impact real estate and consumer rights.