Escrow & Title
In Louisiana, the closing attorney (notary) represents:
AThe buyer exclusively
BThe transaction — they ensure documents are properly prepared, executed, and recorded, though they may also represent one party✓ Correct
CThe lender only in federally related transactions
DAll parties equally with fiduciary duties to each
Explanation
The Louisiana notary who handles the closing serves the transaction by ensuring proper execution and recording of documents. The notary's role is primarily transactional — they may also represent one party (typically the lender), which should be disclosed to all parties.
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Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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