Louisiana Residential Purchase and Sale Agreement
When purchasing a property in Louisiana, they usually create a residential purchase and sale agreement. This document outlines the price they are willing to pay to the seller. The seller can accept, reject, or propose a higher price. The agreement should include all the purchase terms, such as the closing date, inspection period, earnest money deposit, and financing contingencies.
If the buyer or the seller fails to comply with the agreement, they will default. If the buyer defaults, they will lose their deposit to the seller.
What is not covered?
The breakdown of fees in the purchase agreement document is not covered. Refer to the closing statement.
Louisiana Association of Realtors
Lead-Based Paint Disclosure – Under Federal Law, if the rental property was built before 1978, the lead-based paint disclosure form must be given to the Tenants.