The Louisiana purchase agreement establishes the terms of a residential property sale. The form records critical details such as the price of the home, earnest money deposit, closing date, etc. When all participants review and agree to its terms, they must sign the document to establish a legally-binding contract.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Is a compulsory real estate disclosure that is necessary for all housing built earlier than the year 1978. Any knowledge of lead paint within the home must be conveyed to the potential buyer along with a general information pamphlet informing them about the risks associated with the toxic substance.
Property Disclosure Document for Residential Real Estate (§ 9:3198) – The Louisiana Real Estate Commission insists that sellers fulfill this document concerning the overall condition of the property and its features. According to the revised statute linked above, the following questions must also be answered within the content of the form:
- Is the buyer required to become a member of a Homeowners’ Association after acquiring the property? (If so, the seller must inform the prospective buyer on how to obtain the governing documents.)
- Was the property ever the site of an illegal methamphetamine laboratory?
- Has a cavity developed underneath the dwelling from water dissolving through a salt stock?
- Is the residence located within 2,640 ft of a solution mining injection well?
- Is the property located in an industrial or commercial zone?
Realtor Version
Louisiana Real Estate Commission – PDF