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Louisiana REALTORS® Preserve Rights to Choose Closing Partners

By HOM Editorial Team
October 2015

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.

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