Louisiana Real Estate Contract & Forms for Selling Your Home
Selling a home in Louisiana
Louisiana is a state rich in history and culture. It is said to have the most colorful history among the American states having been the site of many battles in the past. The state got its name from King Louis XIV, one of the most powerful kings of France.
Home selling in Louisiana entails commitment and dedication from the owner in order for it to run smoothly. The owner should be well prepared with all the necessary legal documents and create his or her own marketing strategy for a speedy home sale. Consulting a lawyer before starting the process would be best to keep you informed of all legalities while a talk with a financial advisor can surely aid you on the financial aspect of the sale.
Real Estate Forms & Contracts Needed
A primary document needed is the purchase agreement which serves as protection for both the seller and the buyer. The agreement, whether it be in a standard form or written by your own lawyers, stipulates all the terms and conditions of the proposed sale of a residential property. A valid purchase agreement must be in written form with an accurate description of the property, a purchase price and a time limit which the sale must take place.
In addition, the document should detail the other items (appliances and fixtures) included in the sale. Also included are the exact terms of the sale such as the responsibility for the payment of fees, time limits for obtaining financing, whether the buyer requires a termite certificate, how taxes will be paid, who will be responsible for paying the closing costs or how they will be split, the date of sale, the date the new owner can occupy the house, whether a deposit is required and whether it should be considered earnest money. Any other terms and conditions should likewise be specified.
In Louisiana, it is very important that the seller and buyer understand clearly the transaction especially concerning the property and the price. In other words, there must be a clear consent to the sale to avoid future problems. This is the reason why the purchase agreement should be clear and comprehensive. Other conditions to ensure no misunderstandings will occur can be stated in the purchase agreement.
A property disclosure form for residential real estate is required from the seller of a home. The form used should be prescribed by the Louisiana Real Estate Commission (LREC). It is available to the public for free at the website of the Commission. The form should contain information about the condition of the property for sale including repairs done and its defects. Sellers should be wary of this as withholding some facts from the buyer can be cause for cancellation of a purchase agreement. The “stigmatized property” fact, however, is no longer required as a 1991 legislation had already scrapped this provision. If, for instance, a buyer discovered after the sale that a homicide or suicide took place in the property, this can no longer be considered a legal ground to cancel the sale.
Other documents required
Apart from the residential property purchase agreement form and property disclosure document, there are other forms needed during a sale of property. These include thelead-based paint disclosure form (provides information on lead-based paint or lead-based paint hazards), addendum to residential property disclosure form (provides information on residential sewerage treatment systems, home warranty disclosure form and property inspection response form.
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