Escrow & Title
In Louisiana, the 'Cancellation of Mortgage' (Act of Release) must be filed to:
ANotify the buyer of the mortgage payoff
BRemove the mortgage lien from the public records after it has been paid in full✓ Correct
CTransfer the mortgage to the new lender
DCancel the property insurance escrow
Explanation
After a Louisiana mortgage is paid in full, the lender must file a Cancellation of Mortgage (Act of Release or Satisfaction) in the parish mortgage records. This removes the lien from the public records, clearing the property's title.
Related Louisiana Escrow & Title Questions
- Title insurance in Louisiana protects against:
- In Louisiana, a 'title binder' (or title commitment) from a title insurance company is:
- A Louisiana property owner grants a servitude of passage to their neighbor's property. For this predial servitude to be binding on subsequent buyers of the servient estate, it must be:
- In Louisiana, which public records system is used to search for recorded mortgages and encumbrances on real property?
- A 'gap in the chain of title' in Louisiana means:
- In Louisiana, a 'tax sale' occurs when:
- A 'title search' for a Louisiana property typically searches the public records back:
- In Louisiana, an 'encumbrance' on real property includes which of the following?
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →