A Louisiana residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
The seller still must be honest in answering the buyer’s questions. A disclosure exemption does not allow a seller to fraudulently conceal issues with a property.
Louisiana sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
A. The provisions of this Chapter shall apply to the transfer of any interest in residential real property, whether by sale, exchange, bond for deed, lease with option to purchase, or any other option to purchase, including transactions in which the assistance of a real estate licensee is utilized and those in which such assistance is not utilized. B. The provisions of this Chapter shall not apply to any of the following:
(1) Transfers ordered by a court, including but not limited to a transfer ordered by a court in the administration of an estate, a transfer pursuant to a writ of execution, a transfer by any foreclosure sale, a transfer by a trustee in bankruptcy, a transfer by eminent domain, and any transfer resulting from a decree of specific performance. (2) Transfers to a mortgagee by a mortgagor or successor in interest who is in default. (3) Transfers by a mortgagee who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or a sale pursuant to decree of foreclosure, or who has acquired the residential property by a deed in lieu of foreclosure. (4) Transfers by a fiduciary in the course of administration of a decedent’s estate, guardianship, conservatorship, or trust. (5) Transfers of newly constructed residential real property, which has never been occupied. (6) Transfers from one or more co-owners solely to one or more of the remaining co-owners. (7) Transfers from the succession executor or administrator pursuant to testate or intestate succession. (8) Transfers of residential real property that will be converted by the purchaser into a use other than residential use. (9) Transfers of residential real property to a spouse or relative in the line of consanguinity. (10) Transfers between spouses resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment. (11) Transfers or exchanges to or from any governmental entity. (12) Transfers from an entity that has acquired title or assignment of a real estate contract to a piece of residential real property to assist the prior owner in relocating, as long as the entity makes available to the purchaser a copy of the property disclosure statement, any inspection reports if any furnished to the entity by the prior owner, or both. (13) Transfers to an inter vivos trust. (14) Acts that, without additional consideration and without changing ownership or ownership interest, confirm, correct, modify, or supplement a deed or conveyance previously recorded.
How Do You Write a Real Estate Contract in Louisiana? To write a real estate contract in Louisiana, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Louisiana? You can get out of a real estate contract in Louisiana during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Louisiana? In Louisiana, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Louisiana? In Louisiana, a seller can get out of a real estate contract if a buyer fails to close on the property. Louisiana’s standard purchase agreement permits the seller to put the buyer in default and either require performance or collect damages of 10 percent of the purchase price. Read more » How Do I Fill Out a Real Estate Contract in Louisiana? To fill out a real estate contract in Louisiana, first, download our customizable Louisiana real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. • Property – address of the property. • Purchase price – the amount the buyer will pay to own the property. • Payment – how and when the transaction between the buyer and seller will take place. Read more »
