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Louisiana Residential Purchase Agreement

A Louisiana residential purchase agreement is used by the buyer of a residential property to make an offer to the seller. The agreement should include all the terms of the purchase, including the price, closing date, inspection period, and earnest money deposit. It becomes a binding agreement once signed by both parties.
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State Laws

Seller’s Duties – The seller must provide a completed and signed property disclosure statement to the buyer prior to the buyer making an offer.[1]

If the property disclosure is delivered to the buyer after an offer is made, the buyer may terminate the purchase agreement within 72 hours of receiving the disclosure document without any penalty; the seller must return any deposit or earnest money to the buyer.[2]

Seller’s Disclosures (3)

Property Disclosure Document (required) – All home sellers must provide potential buyers with a full disclosure statement revealing the material condition of the property. This includes information on whether the property was ever used as a meth lab, whether the property is part of a homeowner’s association, and more.[3]

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Lead-Based Paint Disclosure (conditional) – Owners of homes built prior to 1978 must disclose the use of lead-based paint on the property.[4]

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Lead-Based Paint Pamphlet (conditional) – Gives general information about lead-based paint for properties built before 1978.[5]

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Sample

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