Lines 230-241: This confirms that the seller actually owns the property and that if the transfer of title takes longer than the closing date, how long you can renew the contract. If the seller is unable to present the title, the buyer can remedy this situation. Louisiana Residential Property Disclosure (§ 9: 3198) – All home sellers must provide potential buyers with a full disclosure statement indicating the essential condition of the property. Lines 52-78: How you plan to pay for the house, confirm that you can afford to pay for the house, and the time it takes to give confirmation to your lender`s seller to prove that you have applied for the loan. Top Box: The buyer fills in the details of the buyer and the seller. Lines 201-210: You decide whether the seller should purchase a warranty on all devices on your behalf. You can get a decent policy for $500. Lines 189-200: Self-explanatory. The seller/sales agent will have this information. Helpful tip: Orleans Parish does not have private septic treatment systems. The Louisiana Residential Purchase and Sale Agreement allows a person wishing to purchase real estate to set the terms of the transaction. The seller can negotiate the price and contest the offer to purchase until an agreement is reached. At this point, it is possible to conclude the contract that conveys the agreed purchase price, how the buyer finances the purchase, the responsibilities of the buyer and seller and any additional conditions that each party wishes to add.
In the state of Louisiana, the law requires the seller of real estate to provide the buyer with a disclosure of residential property detailing the known condition of the residence. Lines 212-229: Almost all real estate is sold in “real condition” these days and you would check option B. Option A would mean that if the home has lost more than half of its value in the coming year, the buyer can be reimbursed by the seller. Great for the buyer, no seller will accept this offer. Lines 89-98: If you receive a home loan, your purchase is subject to an appraise. An appraised is when the bank has valued the home and achieved a numerical value. They only grant credit for the agreed purchase price or valuation amount, whichever is lower. If it is less, the buyer must spend more money or the seller must lower the price.
Lines 313-322: More information may be required, here you indicate that additional information will be attached. Lines 99-112: Offers come with a down payment and these lines indicate how much you are willing to place and determine who keeps the escrow money (usually the listing agent`s brokerage). The more money you accept with the offer, the more attractive your offer is and the more legitimate you are as a buyer. Line 30-33: distinguishes the rights on minerals of the country, which retains them. The “0%” policy in the box at 31 indicates that the buyer retains all mineral rights. This is important so that if you were lucky enough to discover that you were literally sitting on a gold mine, you retain the rights to the value of those minerals. Lines 79-88: This explains why taxes, condominium fees, insurance paid for the year in advance or at the end of the year are shared between the two parties for a proportional amount. Lines 351-354: Duration of validity of the offer.
In Louisiana, from the date of submission to the expiration date or rejection of the offer, you are legally bound to it, depending on what happens first. . . .