Understanding The Louisiana Residential Agreement to Buy or Sell

Real Estate Purchase contracts vary in length and terms from state to state. You need to  rely on your agent’s experience and expertise to explain the Louisiana Residential Agreement to Buy or Sell. As your local Lake Charles LA real estate agent, I understand the steps with contract negotiation and usually know what questions you may ask or need answered.a

Buying a home is often the biggest financial investment  you will make in your lifetime.  Real estate agents have current knowledge of real estate law that can protect you in a home transaction. Real estate law is complex and comprehensive.  You should always have a REALTOR  represent you in a real estate transaction to protect your best interests.   It is important to understand any real estate documents you sign!

The Louisiana Real Estate Commission  has revised the Residential Agreement to Buy or Sell Property in the State of Louisiana.

Louisiana residential real estate transactions must be completed on the new 2013 Louisiana Residential Agreement to Buy or Sell.  

 

INTERESTING FACTS RELATING TO THE LOUISIANA CONTRACT:

  • If any line of the contract is marked though (even if initialed) the contract may be deemed “unenforceable”  No pre-printed language may be altered.
  • Louisiana is one of the only states that allows a Real Estate Agent to fill out the Purchase Contract without the requirement of an Attorney.
  • The deposit is not necessary to be a “legal contract”   UNDERSTANDING THE REAL ESTATE  DEPOSIT AND ESCROW
  • A Counter is really a Rejection of the Offer and is considered “new terms”
  • Reasonable time is allowed for “acceptance”  What is considered “reasonable time” is left to judgment however, a contract is NOT accepted (received) by either party until delivered by designated agent.

 

Changes made to the 2013 Louisiana Purchase Contract include:

  • Date on each page of the contract
  • Rural Development financing and “Other”  added as choices of financing
  • Added language to the Financing Clause and Sewerage Clause
The new addition of language in lines 74-87 go into detail regarding Buyer’s obligation to apply for loan and obtain a pre-approval within ____days.
BUYER

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