The buyer can choose between three payment options: all cash, bank financing and seller financing. Opting for the former means that the potential owner can afford to make the transaction at full price without a loan. In this case, the Seller will inform the Buyer if the sums of money transferred are unacceptable. Bank financing consists of taking out a loan and paying the required amount within the allotted time. Seller financing means that the lessor undertakes to provide the tenant with a certain amount under the conditions described in the document. Below is a list of the most commonly used standardized real estate forms provided by the Louisiana Real Estate Commission (LREC). On the LREC website, you can find all current forms and other information about real estate in the state of Louisiana. See the CERL decision on the use of federally owned purchase contracts/contracts. The Louisiana Residential Real Estate Purchase Agreement (“Residential Purchase and Sale Agreement”) is a contract that determines the price, conditions, rights, and obligations of the buyer and seller in a residential real estate transaction. Once the agreement is signed, it can only be terminated if both parties agree. If licensed real estate agents are involved in the business, they should be entitled to payment for the services they provide, as described in a separate written agreement.

Lead-based Paint Disclosure (42 U.S. Code § 4852d) – Is a mandatory real estate disclosure required for all apartments built before 1978. Any knowledge of lead paint in the home should be conveyed to the potential buyer with a general information brochure informing them of the risks associated with the toxic substance. If any part of the contract is found to be invalid, only that particular part should be amended, not the entire document. Depending on the type of contract, different disclosures must be attached. If the seller offers a living space, the following must be submitted: *Viewing changes may result in formatting or line number errors in this preview. In Louisiana, sellers must complete a real estate purchase agreement and the following disclosure document for the contract to be considered legally binding: 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 appropriate fields of the form. The different fields include the price of the house, the deposit, the closing date, etc.

Once all information has been incorporated into the agreement, it must be submitted to the party concerned for consideration. In case of acceptance, all participants must sign the contract to guarantee a concrete agreement. When commercial real estate is sold, the agent`s disclosure must be forwarded to both parties. The seller must attach the disclosure of the residential property to inform the buyer in writing of the inventory if this type of property is to be acquired shortly. This requirement is not supported by federal law, but must be followed in the state of Louisiana. Property Information Document for Residential Real Estate (§ 9:3198) – The Louisiana Real Estate Commission insists that sellers comply with this document with respect to the overall condition of the property and its features. According to the revised law related above, the following questions must also be answered in the content of the form: Proposed additions – The following forms are proposed and use is not mandatory Sellers and buyers must provide signatures, print their names and date the paper to obtain validity. Where staff perform representative functions, they must also attach signatures. Completed forms cannot be saved with Adobe Acrobat Reader alone. To keep a record, print before you exit the form, or use the Save As command to save the form to your document files.

According to the contract, if the parties seem to have a dispute over the agreement, they must mediate in court – the seller and buyer in this case will have to pay their parts for the service.. .