The Louisiana purchase agreement is a must when it comes to conducting a real estate transaction specific to residential real estate. The details of the sale are inserted in the corresponding fields in the form. The different fields include the price of the house, serious money deposit, closing date, etc. Once all the information has been included in the agreement, it should be submitted to the relevant party for consideration. If accepted, all participants should sign the contract to guarantee a concrete contract. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. See the LREC decision on the use of federal sales contracts/contracts. In Louisiana, sellers must enter into a real estate purchase agreement and the following advertising document for the agreement to be considered legally binding: the Louisiana residential real estate purchase agreement (“home purchase and sale contract”) is a contract that describes the price, conditions, rights and obligations of the buyer and seller in a residential real estate transaction.
Once the contract is signed, it cannot be terminated unless both parties agree. The contract to purchase and sell residential real estate in Louisiana allows a person to acquire real estate, to set the terms of the transaction. The seller can negotiate the price and challenge the offer to purchase until an agreement is reached. It is here that the contract that passes on the agreed purchase price, the way in which the buyer finances the purchase, the responsibilities of the buyer and seller, as well as all the additional conditions that one of the parties wishes to add can be concluded. In the state of Louisiana, the law requires the seller of real estate to provide the buyer with an advertisement of residential real estate describing the known condition of the residence. The following forms are available for download. Download adobe Acrobat Reader for free to view. LREC Property Disclosure Forms: Residential Property Disclosure (effective 1-1-20) Fillable PDF Other LREC Forms: Lead Based Paint Disclosure Deposit Addendum Historic District Disclosure Addend So Sewer Treatment Systems Addendum Residential Agreement to Buy or Sell (effective 01-01-19) Below is the list of the most frequently used standardized property forms provided by the Real Louisiana Estate Commission (LREC). You can find on the LREC website all current forms and other information about real estate in the State of Louisiana.