This form is a Contract for the sale of real estate for use in Louisiana. It can be used for a cash sale, assumption or new loan buyer. The contract contains provisions common to a real estate transaction. Agents or brokers may be involved, or not, for either party or both.
Baton Rouge Louisiana Contract for Sale and Purchase of Real Estate with or without Agent or Broker for Residential Home Sale Agreement
Category:
State:
Louisiana
City:
Baton Rouge
Control #:
LA-00472
Format:
PDF
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How to fill out Louisiana Contract For Sale And Purchase Of Real Estate With Or Without Agent Or Broker For Residential Home Sale Agreement?
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FAQ
State law explicitly requires sellers to provide a disclosure document to potential buyers disclosing any known property defects. Louisiana regulations require sellers to disclose property issues that affect the health or safety of the residents, longevity, and value of the home.
Real Estate Disclosure Law in Louisiana Louisiana Revised Statutes § 98 governs disclosures by sellers like yourself. It states that you must complete a property disclosure document in a form prescribed by the Louisiana Real Estate Commission and deliver it to prospective buyers.
The current list of non-disclosure states includes Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah, and Wyoming.
A minimum of two parties must be involved where one party is buying and one is selling. The subject of the sale must be some form of goods. Payment for the sale has to be made using the legal currency of the country in which the sale is taking place. The goods sold must be given to the buyer once payment is received.
Checklist for buyers Personal details. The agreement must capture the seller's complete details.Property documents. The seller must confirm the authenticity of the title documents and ownership transfer in the agreement.Date of possession.Payment schedule.Termination.Dispute resolution.Amenities.Penalty.
To sell your home as a For Sale By Owner (FBSO) in Louisiana, you'll have to take on all the traditional duties of a real estate agent. Once you've decided on a listing price and prepped your home for sale, you'll need to market it. You'll also have to be available for showings and open houses.
To have a valid sale, and therefore a valid Purchase Agreement, under Louisiana law only three things are necessary: First the thing, which is the Property being sold; second, consent, which is self-defining, and third the price. For a sale to occur, the price has to be expressed in money.
What is a Contract Price? An example of a contract price is when two parties enter into a contract to sell a house for the cost of $100,000. This means $100,000 is the contract price. This is also a term that is used in taxes when it comes to calculating how much gain was realized for an installment sale.
A Louisiana residential purchase and sale agreement is written by a buyer to make an offer for the purchase of real estate to the seller. The seller will either accept, reject, or make a counter-offer for commonly a higher price.
Step 4 Settlement or Closing the Transaction The escrow or settlement agent oversees closing of the transaction.