Updated April 18, 2024
A Louisiana commercial real estate purchase and sale agreement is a document used to record certain terms and conditions of a commercial property transaction. Commercial purchase agreements are more complex than residential agreements and should be looked over by a lawyer as well as a real estate agent before the parties sign the agreement. This type of agreement contains the obligations, liabilities, and rights of both parties. It also includes the property location, the purchase price and adjustments, earnest deposit, buyers’ contingencies, default provision and termination options, representations and warranties, and closing information. These terms can be negotiated by the parties before the document is signed. Once it is signed, the contingencies must be met within a certain period of time before the official closing of the sale.
Disclosures
Agency Disclosure (§ 37:1455(21)) – A licensee must provide this mandated Agency Disclosure Pamphlet to any client (seller or buyer) they intend to represent in a real estate transaction. (This Agency Disclosure Form can be used as an alternative to the pamphlet.)
Dual Agency Disclosure (§ 37:1455(21)) – If a licensee is acting as a dual agent, the licensee must provide this disclosure/consent form to the clients they wish to represent. This form is in addition to the above disclosure pamphlet.
Residential Property
Louisiana Residential Purchase Agreement – A written agreement entered into by two parties for the purposes of establishing the terms and conditions of a real estate sale.
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