Fillable LOUISIANA RESIDENTIAL AGREEMENT TO BUY OR SELL (Louisiana Louisiana Real Estate Commission)

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LOUISIANA RESIDENTIAL AGREEMENT TO BUY OR SELL (Louisiana Louisiana Real Estate Commission)

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Louisiana Real Estate Commission (LREC) aim to regulate real estate affairs in the state of Louisiana. LREC help protect the public interest during activites including real estate transactions.

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PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 1 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
LOUISIANA RESIDENTIAL AGREEMENT TO BUY OR SELL
Listing Firm
Selling Firm
Seller’s Designated Agent Name (“Seller’s agent”) &
License Number
Dual
Agent
Buyer’s Designated Agent Name (“Buyer’s agent”) & License
Number
Brokerage Name & License Number
Brokerage Name & License Number
Agent Phone Number Brokerage Phone Number
Agent Phone Number Brokerage Phone Number
Email Address
Email Address
Name of Agent Receiving Agreement from Designated Agent Day __________ Date _________ Time _____ AM PM
Agreement transmitted by electronic__________________ hand delivery other
______________________________________________________________________________________________
Signature of Designated Agent Receiving Agreement Day Date Time AM/PM
Comments
Electronic Notice Authorization
The BUYER further authorizes his or her agent to electronically deliver notices and other communications to the email address he
or she provided to his or her agent. Furthermore, the BUYER authorizes the Seller’s agent to electronically deliver notices and
communications to the Buyer’s agent at the email address shown above.
The SELLER further authorizes his or her agent to electronically deliver notices and other communications to the email address
he or she provide to his or her agent. Furthermore, the SELLER authorizes the Buyer’s agent to electronically deliver notices and
communications to the Seller’s agent at the email address shown above.
The authorization contained in this Section is not an authorization for the Buyer’s agent to communicate directly with the SELLER or
a Seller’s agent to communicate directly with the BUYER.
The BUYER and SELLER agree the use of electronic documents and digital signatures is acceptable and will be treated as originals
of the signatures and documents transmitted in this real estate transaction. Specifically, the BUYER and SELLER consent to the use
of electronic documents, the electronic transmission of documents, and the use of electronic signatures pertaining to this
Agreement, and any supplement addendum or modification relating thereto, including but not limited to any notices, requests,
claims, demands and other communications as set forth in the Agreement.
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 2 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
We offer and agree to Buy/Sell the property at: 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
PROPERTY DESCRIPTION: I/
(Municipal Address)
City________________________________________; Zip__________________; Parish___________________; Louisiana,
(Legal Description)_______________________________________________________________________________________
________________________ on lands and grounds measuring approximately (#____________________________________)
or as per record title; including all buildings, structures, component parts, and all installed, built-in, permanently attached improvements,
together with all fences, security systems, all installed speakers or installed sound systems, all landscaping, all outside TV antennas, all satellite
dishes, all installed and/or built-in appliances, all ceiling fans, all air conditioning or heating systems including window units, all bathroom
mirrors, all window coverings included but not limited to blinds, drapes, curtains, window shades, window coverings, all associated window
covering hardware, all shutters, all flooring, all carpeting, all cabinet tops, all cabinet knobs or handles, all doors, all door knobs or handles, all
doorbells, all windows, all roofing, all electrical systems, all installed security systems, installed generators, attached television mounts, gas
logs, and all installed lighting fixtures, chandeliers and associated hardware, other constructions permanently attached to the ground. If owned
by the SELLER prior to date of this Agreement, standing timber, unharvested crops and ungathered fruits of trees on the property shall be
conveyed to the BUYER. The following movable items here remain with the property, but are not to be considered as part of the Sale Price are
transferred without any warranty and have no value: ____________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
All items listed herein are included in the property sold no matter how they are attached or installed, provided that any or all of these items are
in place at the time of signing of this Agreement to Buy or Sell (the “Agreement”), unless otherwise stated herein. (All of the above contained in
lines 2 through 24 are collectively referred to herein as the “Property.”) The following items are excluded from the Property sold:
27
28
29
30
31
32
MINERAL RIGHTS: If the SELLER transfers any mineral rights, they are to be transferred without warranty. 33
______________________________________________(_____%) of the mineral rights owned by the SELLER are to be reserved and 34
retained by the SELLER. The SELLER shall waive any right to use the surface for any such reserved and retained mineral activity or use. 35
36
BUYER ___________________________ SELLER _______________________________ 37
BUYER ___________________________ SELLER _______________________________ 38
BUYER ___________________________ SELLER _______________________________ 39
BUYER ___________________________ SELLER _______________________________ 40
41
PRICE: The Property will be sold and purchased subject to title and zoning restrictions, servitudes of record, and law or ordinances affecting 42
the Property for the sum of _____________________________________________________($_____________) (the “Sale Price”). 43
44
ACT OF SALE: The Act of Sale is to be executed before a settlement agent or Notary Public to be chosen by the BUYER, on 45
__________________________________, 20___, or before if mutually agreed upon. Any change of the date for execution of the Act of 46
Sale must be mutually agreed upon in writing and signed by the SELLER and the BUYER. At closing, the BUYER must provide "good funds" as 47
required by Louisiana statute LA R.S. 22:532 et seq. 48
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 3 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
OCCUPANCY: Occupancy/possession and transfer of keys/access is to be granted at Act of Sale unless otherwise mutually agreed upon in 49
writing. 50
51
CONTINGENCY FOR SALE OF BUYER’S OTHER PROPERTY: 52
53
This sale is contingent on the sale of other property by the BUYER and the contingency language found either in lines 343-352 or the 54
attached addendum shall apply. 55
56
This sale is not contingent upon the sale of other property by the BUYER nor is the loan needed by the BUYER to obtain the Sale Price 57
contingent on the BUYER’S sale of any property. 58
59
FINANCING: 60
61
ALL CASH SALE: The BUYER warrants the BUYER has cash readily available to close the sale of this Property. 62
63
FINANCED SALE: This sale is conditioned upon the ability of BUYER to borrow with this Property as security for the loan the sum of 64
____________________________________________($__________) or ____________(_____%) of the Sale Price by a mortgage 65
loan or loans at an initial interest rate not to exceed _____________________(_____%) per annum, interest and principal, amortized over 66
a period of not less than ________(#____) years, payable in monthly installments or on any other terms as may be acceptable to the BUYER 67
provided that these terms do not increase the cost, fees or expenses to the SELLER. The loan shall be secured by (Check all that apply): 68
69
Fixed Rate Mortgage FHA Insured Mortgage 70
Adjustable Rate Mortgage Owner Financing 71
Rural Development Bond Financing 72
VA Guaranteed Mortgage Conventional Mortgage 73
Other ______________________ 74
75
The BUYER agrees to pay discount points not to exceed ______________________________________(______)% of the loan amount. 76
Other financing conditions _________________________________________________________________________________ 77
____________________________________________________________________________________________________ 78
____________________________________________________________________________________________________ 79
____________________________________________________________________________________________________ 80
81
The BUYER acknowledges and warrants that the BUYER has available the funds which may be required to complete the sale of the Property 82
including, but not limited to, the deposit, the down payment, closing costs, pre-paid items, and other expenses. If this sale is a Financed Sale, 83
BUYER acknowledges that any terms and conditions imposed by BUYER’S lender(s) or by the Consumer Financial Protection Bureau shall not 84
affect or extend the BUYER’S obligation to execute the Act of Sale or otherwise affect any terms or conditions of this Agreement except as 85
otherwise set forth herein. The BUYER shall supply the SELLER written documentation from a lender that a loan application has been made and 86
the BUYER has given written authorization to lender to proceed with the loan approval process within ____________(#____) calendar days 87
after the date of acceptance of this offer by both parties. If the BUYER fails to make loan application, and to supply SELLER with written 88
documentation of that application and BUYER’S written authorization for lender to proceed with loan process within this period, the SELLER 89
may, at the SELLER’S option, elect, in writing, to terminate the Agreement and declare the Agreement null and void, by giving the BUYER 90
written notice of the SELLER’S termination. In the event the BUYER is not able to secure financing, the SELLER reserves the right to provide all 91
or part of mortgage loan(s) under the terms set forth above. 92
93
PRORATIONS/OTHER COSTS: Real estate taxes, flood insurance premium if assumed, rents, condominium dues, assessments, and/or other 94
dues owed to homeowners’ associations and the like for the current year are to be prorated through the date of the Act of Sale. Act of Sale 95
costs, abstracting costs, title search, title insurance and other costs required to obtain financing, shall be paid by the BUYER, unless otherwise 96
stated herein. All necessary tax, mortgage, conveyance, release certificates or cancellations and the SELLER closing fees, if any, shall be paid 97
by the SELLER. The SELLER shall pay all previous years’ taxes, assessments, condominium dues, and/or dues owed to homeowners’ 98
associations and the like. All special assessments bearing against the Property prior to Act of Sale, other than those to be assumed by written 99
agreement, as of the date of the Act of Sale, are to be paid by the SELLER. 100
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 4 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
APPRAISAL: This sale is NOT conditioned on appraisal. This sale IS conditioned on the appraisal of the Property being not less than 101
the Sale Price. The SELLER agrees to provide the utilities and access for appraisals. If the appraised value of the Property is equal to or greater 102
than the Sale Price, the BUYER shall pay the Sale Price agreed upon prior to the appraisal. If the appraised value is less than the Sale Price, the 103
BUYER shall provide the SELLER with a copy of the appraisal within _____________(#_____) calendar days of receipt of same, along with 104
the BUYER’S written request for the SELLER to reduce the Sale Price. Within ____________(#_____) calendar days after the SELLER’S 105
receipt of such written documentation of the appraised value, the BUYER shall have the option to pay the Sale Price agreed upon prior to the 106
appraisal or to void this Agreement unless the SELLER agrees in writing to reduce the Sale Price to the appraised value or all parties agree to a 107
new Sale Price. 108
109
DEPOSIT: Upon acceptance of this offer, or any attached counter offer, the SELLER and the BUYER shall be bound by all terms and conditions 110
of this Agreement, and the BUYER or the BUYER’S agent shall deliver within 72 hours, upon notice of acceptance of the offer, the BUYER’S 111
deposit (the “Deposit”) in the amount of ________________($________) or ______________________(____%) of the Sale Price to 112
be paid in the form of: 113
Cash _________________________($_________) Certified Funds ___________________________($_________) 114
Check ________________________($_________) Electronic Transfer _________________________($_________) 115
No Deposit 116
The Deposit shall be held by Listing Broker Selling Broker Other_______________________________ 117
118
DEPOSIT HELD BY THIRD PARTY: Louisiana Administrative Code Article Title 46, Part LXVII Section 2717 requires that funds received in a 119
real estate sales transaction shall be deposited in the appropriate sales escrow checking account, rental trust checking account or security 120
deposit trust checking account of the listing or managing broker (“Broker”) unless all parties having an interest in the funds have agreed 121
otherwise in writing. I agree to have the Deposit related to this transaction to be held by a third party and not in a sales escrow account 122
maintained by the Broker. I understand that the Louisiana Real Estate Commission may not have jurisdiction over those third parties holding 123
the funds. I have read the attached addendum and acknowledge the Broker is not legally required to disburse a security deposit in accordance 124
with LAC 46:LXVII.2901 when a third party holds the Deposit. 125
126
BUYER ___________________________ SELLER _______________________________ 127
BUYER ___________________________ SELLER _______________________________ 128
BUYER ___________________________ SELLER _______________________________ 129
BUYER ___________________________ SELLER _______________________________ 130
131
Failure to deliver the Deposit shall be considered a default of this Agreement. If the Deposit is held by a Broker, it must be held in accordance 132
with the rules of the Louisiana Real Estate Commission in a federally insured banking or savings and loan institution without responsibility on 133
the part of the Broker in the case of failure or suspension of such institution. In the event the parties fail to execute an Act of Sale by date 134
specified herein, and/or a dispute arises as to ownership of, or entitlement to, the Deposit or funds held in escrow, the Broker shall abide by 135
the Rules and Regulations set forth by the Louisiana Real Estate Commission. 136
137
RETURN OF DEPOSIT: The Deposit shall be returned to the BUYER and this Agreement declared null and void without demand in consequence 138
of the following events: 139
140
1) If this Agreement is declared null and void by the BUYER pursuant to the Due Diligence and Inspection Period as set forth in lines 195 141
through 250 of this Agreement; 142
143
2) If this Agreement is subject to the BUYER’S ability to obtain a loan and the loan cannot be obtained, except as stated in lines 88 through 92 144
of this Agreement, but only if the BUYER has made good faith efforts to obtain the loan; 145
146
3) If the SELLER declares the Agreement null and void for failure of BUYER to comply with written document requirements as set forth in lines 147
88 through 92; 148
149
4) If the BUYER conditions the Sale Price on an appraisal and the appraisal is less than the Sale Price and the SELLER will not reduce the Sale 150
Price as set forth in lines 101 through 108 of this Agreement; 151
152
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 5 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
5) If the BUYER timely terminates the Agreement after having received the leases or assessments, as set forth in lines 165 through 169 of this 153
Agreement; 154
155
6) If the SELLER is unable to timely deliver to the BUYER an approved sewerage and/or water inspection report as set forth in lines 251 156
through 261; 157
158
7) If the SELLER chooses not to repair or replace the sewer system(s) servicing the Property as per the SEPTIC/WATER WELL ADDENDUM, 159
and the BUYER terminates the agreement as a result thereof; 160
161
8) If the SELLER chooses not to repair or replace the private water well system(s) as per the SEPTIC/WATER WELL ADDENDUM, and the 162
BUYER terminates the agreement as a result thereof. 163
164
LEASES/SPECIAL ASSESSMENTS: The sale is conditioned upon the BUYER’S receipt of a copy of all written leases, excluding mineral leases, 165
and unpaid special assessments from the SELLER within five calendar days of acceptance of the Agreement. Special assessments shall mean 166
an assessment levied on Property to pay the cost of local improvements imposed by local governmental/governing authority. The BUYER will 167
have five calendar days after receipt of the aforementioned documents to notify the SELLER whether they are acceptable to the BUYER. Security 168
deposits, keys/access and leases are to be transferred to the BUYER at Act of Sale. 169
170
NEW HOME CONSTRUCTION: If the property to be sold is completed new construction, under construction, or to be constructed, check one: 171
172
A new home construction addendum, with additional terms and conditions, is attached. 173
174
There is no new home construction addendum. 175
176
PROPERTY CONDITION: 177
THE BUYER ACKNOWLEDGES THAT THE SALE PRICE OF THE PROPERTY WAS NEGOTIATED BASED UPON THE PROPERTY’S APPARENT 178
CURRENT CONDITION; ACCORDINGLY, THE SELLER IS NOT OBLIGATED TO MAKE REPAIRS TO THE PROPERTY, INCLUDING REPAIRS 179
REQUIRED BY THE LENDER UNLESS OTHERWISE STATED HEREIN. THE SELLER IS RESPONSIBLE FOR MAINTAINING THE PROPERTY IN 180
SUBSTANTIALLY THE SAME OR BETTER CONDITION AS IT WAS WHEN THE AGREEMENT WAS FULLY EXECUTED. 181
182
DUE DILIGENCE AND INSPECTION PERIOD: 183
If acceptance of this Agreement occurs, the BUYER shall have a Due Diligence and Inspection Period (hereinafter “DDI Period”) commencing 184
on the first day after acceptance of this Agreement and expiring _____________________________________(#_______) calendar 185
days after commencement OR upon the date and time the BUYER’s Request to the SELLER is received as set forth in line 216 whichever is 186
earlier. The SELLER agrees to provide the utilities for any due diligence and inspections and immediate access to the Property. The due 187
diligence and inspection period will be extended by the same number of days that the BUYER is not granted immediate access to the Property 188
or all utilities are not provided by the SELLER. 189
190
Effect of BUYER’S Failure to Timely Provide Written Termination or BUYER’S Request: Failure of the BUYER to timely provide written notice of 191
termination or a written BUYER’S Request as described in lines 202 through 250 below prior to the expiration of the DDI Period shall be 192
deemed as acceptance by the BUYER of the Property’s current condition. 193
194
DDI Period Activities: During the inspection and due diligence period the BUYER may, at the BUYER’S expense, have any inspections made by 195
experts or others of BUYER’S choosing. Such physical inspections may include, but are not limited to, inspections for termites and other wood 196
destroying insects, and/or damage from same, molds, and fungi hazards, and analysis of synthetic stucco, drywall, appliances, structures, 197
foundations, roof, heating, cooling, electrical, plumbing systems, utility and sewer, including but not limited to septic tanks and pump grinder 198
systems availability and condition, out-buildings, and square footage. Other due diligence by the BUYER may include, but is not limited to 199
investigation into the Property’s school district, insurability, flood zone classifications, current zoning and/or subdivision restrictive covenants 200
and any items addressed in the SELLER’S Property Disclosure Document. All testing shall be nondestructive testing. 201
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 6 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
BUYER’S OPTIONS PRIOR TO THE EXPIRATION OF THE DDI PERIOD: If the BUYER is not satisfied with the condition of the Property or the 202
results of the BUYER’S due diligence or investigations, the BUYER may choose one of the following options prior to the expiration of the DDI 203
Period: 204
205
OPTION 1: 206
207
A. The BUYER may elect, in writing, to terminate the Agreement and declare the Agreement null and void. 208
209
Effect of the BUYER’S Termination the Agreement pursuant to Option 1: If the BUYER elects to terminate this Agreement in writing, the 210
Agreement shall be automatically ipso facto null and void with no further action required by either party except for return of Deposit to the 211
BUYER. 212
213
OPTION 2: 214
215
A. The BUYER may present a single, complete written list to the Seller of the deficiencies and desired remedies (“BUYER’S Request”). 216
217
B. If the BUYER selects Option 2, the following process shall apply: 218
219
1. (a) SELLER’S Response to BUYER’S Request: If provided a BUYER’S REQUEST, the SELLER shall respond in writing as to the 220
SELLER’S willingness to or refusal to remedy any deficiencies identified in the BUYER’s Request. Seller’s written response shall be 221
provided to the BUYER within 72 hours of receipt of the BUYER’s Request (“SELLER’S Response”). 222
223
(b) Effect of SELLER’S Failure to Timely Respond to the BUYER’S Request: If the SELLER fails to timely respond to the 224
BUYER’S Request in writing within the required time frame, then the BUYER shall have 72 hours from when the SELLER’S Response 225
was due to notify the SELLER in writing that the BUYER will: 226
227
(i) accept the Property in its current condition; or 228
(ii) elect to terminate this Agreement. 229
230
(c) Effect of the BUYER’S Failure to Timely Respond to SELLER’S Failure to Timely Respond: If the BUYER fails to provide 231
this notice (lines 224 through 229) in writing within the required time frame, the Agreement shall be automatically, with no further 232
action required by either party, ipso facto null and void except for return of Deposit to the BUYER. 233
234
2. (a) BUYER’S Response to SELLER’S Response: Should the SELLER in the SELLER’S Response refuse to remedy any or all 235
the deficiencies listed by the BUYER, then the BUYER shall have 72 hours from receipt of the SELLER’S Response or 72 hours from 236
the date that the SELLER’S Response was due, whichever is earlier, to take one of the following actions (“BUYER’S Response”). The 237
BUYER’S Response shall be provided to the SELLER in writing. 238
239
(i) accept the SELLER’S Response to the BUYER’S Request, or 240
(ii) accept the Property in its current condition, or 241
(iii) to elect to terminate this Agreement in writing which shall automatically make the Agreement ipso facto null and void with no 242
further action required by either party except for the return of Deposit to the BUYER. 243
244
(b) Effect of BUYER’S Failure to Timely Respond to SELLER’S Response: If the BUYER fails to respond to the SELLER’S 245
Response within the time specified, then the Agreement shall be automatically, with no further action required by either party, ipso 246
facto null and void except for return of Deposit to the BUYER. 247
248
Upon receipt of the written BUYER’S Response to the SELLER’S Response, the SELLER shall not be required to remedy any additional 249
deficiencies requested by the BUYER unless the parties enter into an additional agreement in writing. 250
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 7 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
PRIVATE WATER/SEWERAGE: 251
252
There is/are ______________ (#_____) private water system(s) servicing only the primary residence, and the attached private 253
Septic/Water Addendum inspections shall include only the system(s) supplying service to the primary residence. 254
255
There is/are ______________ (#_____) private septic/treatment system(s) servicing only the primary residence and the attached private 256
Septic/Water Addendum inspections shall include only those systems supplying service to the primary residence. 257
258
There is NO private septic/treatment system(s) servicing only the primary residence. 259
260
There is NO private water system(s) servicing only the primary residence. 261
262
HOME SERVICE/WARRANTY: 263
A home service/warranty plan will / will not be purchased at the closing of sale at a cost not to exceed 264
________________________________________________($_____________) to be paid by the BUYER / the SELLER. 265
Home Service Warranty will be ordered by ______________________________________________________________________. 266
The home service warranty plan does not warrant pre-existing defects and options, and does not supersede or replace any other inspection 267
clause or responsibilities. If neither the BUYER nor the SELLER accepts the home service warranty plan, they declare that they have been made 268
aware of the existence of such a plan, and further declare that they hold the Broker and Agents harmless from any responsibility or liability due 269
to their rejection of such a plan. 270
271
WARRANTY OR AS IS CLAUSE WITH WAIVER OF RIGHT OF REDHIBITION: (CHECK ONE ONLY) 272
273
A. SALE WITH WARRANTIES: The SELLER and the BUYER acknowledge that this sale shall be with full SELLER warranties as to any claims 274
or causes of action including but not limited to redhibition pursuant to Louisiana Civil Code Article 2520, et seq. 275
276
B. SALE “AS IS” WITHOUT WARRANTIES: The SELLER and the BUYER hereby acknowledge and recognize that the Property being sold 277
and purchased is to be transferred in “as is” condition and further the BUYER does hereby waive, relieve and release the SELLER from any 278
claims or causes of action for redhibition pursuant to Louisiana Civil Code Article 2520, et seq. and Article 2541, et seq. or for reduction of 279
Sale Price pursuant to Louisiana Civil Code Article 2541, et seq. Additionally, the BUYER acknowledges that this sale is made without warranty 280
of fitness for ordinary or particular use pursuant to Louisiana Civil Code Article 2524. The SELLER and the BUYER agree that this clause shall 281
be made a part of the Act of Sale. 282
283
C. NEW HOME WARRANTIES. Notwithstanding lines 274 through 282 and irrespective of whether A or B above is checked, if the Property 284
is a new construction, the parties agree that neither A or B will apply but instead the provisions of the New Home Warranty Act (LA R.S. 9:3141 285
et seq.) shall apply. The warranty of condition of this Property is governed by the New Home Warranty Act if a home on the Property is a 286
“home” as defined in the New Home Warranty Act. 287
288
MERCHANTABLE TITLE/CURATIVE WORK: The SELLER shall deliver to the BUYER a merchantable title at the SELLER’S costs (see lines 94 289
through 100). In the event curative work in connection with the title to the Property is required or is a requirement for obtaining the loan(s) 290
upon which this Agreement is conditioned, the parties agree to and do extend the date for passing the Act of Sale to a date not more than 291
___________________(#____) calendar days from the date of the Act of Sale stated herein. The SELLER’S title shall be merchantable and 292
free of all liens and encumbrances except those that can be satisfied at Act of Sale. All costs and fees required to make title merchantable shall 293
be paid by the SELLER. The SELLER shall make good faith efforts to deliver merchantable title. The SELLER’S inability to deliver merchantable 294
title within the time stipulated herein shall render this Agreement null and void, reserving unto the BUYER the right to demand the return of the 295
Deposit and to recover from the SELLER actual costs incurred in processing of sale as well as legal fees incurred by the BUYER. 296
297
FINAL WALK THROUGH: The BUYER shall have the right to re-inspect the Property within five calendar days prior to the Act of Sale, or 298
occupancy, whichever will occur first in order to determine if the Property is in the same or better condition as it was at the initial inspection(s) 299
and to insure all agreed upon repairs have been completed. The SELLER agrees to provide utilities for the final walk through and immediate 300
access to the Property. 301
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 8 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
DEFAULT OF AGREEMENT BY THE SELLER: In the event of any default of this Agreement by the SELLER, the BUYER shall at the BUYER’S 302
option have the right to declare this Agreement null and void with no further demand, or to demand and/or sue for any of the following: 303
304
1) Termination of this Agreement 305
2) Specific performance 306
3) Termination of this Agreement and an amount equal to 10% of the Sale Price as stipulated damages. 307
308
Further, the BUYER shall be entitled to the return of the Deposit. The prevailing party to any litigation brought to enforce any provision of this 309
Agreement shall be awarded their attorney fees and costs. The SELLER may also be liable for Broker fees. 310
311
DEFAULT OF AGREEMENT BY BUYER: In the event of any default of this Agreement by the BUYER, the SELLER shall have at the SELLER’S 312
option the right to declare this Agreement null and void with no further demand, or to demand and sue for any of the following: 313
314
1) Termination of this Agreement 315
2) Specific performance 316
3) Termination of this Agreement and an amount equal to 10% of the Sale Price as stipulated damages. 317
318
Further, the SELLER shall be entitled to retain the Deposit. The prevailing party to any litigation brought to enforce any provision of this 319
Agreement shall be awarded their attorney fees and costs. The BUYER may also be liable for Broker fees. 320
321
MOLD RELATED HAZARDS NOTICE: An informational pamphlet regarding common mold related hazards that can affect real property is 322
available at the EPA website http://www.epa.gov/iaq/molds/index.html. By initialing this page of the Agreement, the BUYER acknowledges that 323
the real estate agent has provided the BUYER with the EPA website enabling the BUYER to obtain information regarding common mold related 324
hazards. 325
326
OFFENDER NOTIFICATION: The Louisiana State Police maintains the State Sex Offender and Child Predator Registry through the Louisiana 327
Bureau of Criminal Identification and Information. It is a public access database of the locations of individuals who are required to register 328
pursuant to LA R.S. 15:540, et seq. The website for the database is http://www.lsp.org/socpr/default.html. Sheriff and police departments 329
serving jurisdictions of 450,000 also maintain such information. Inquiries can be made by phone at 1-800-858-0551. Send written inquiries to 330
Post Office Box 66614, Box A-6, Baton Rouge, Louisiana 70896. 331
332
FLOOD HAZARD INFORMATION: An informational website regarding flood hazards that can affect real property is available at the FEMA 333
website https://msc.fema.gov/portal. 334
335
CHOICE OF LAW: This Agreement shall be governed by and shall be interpreted in accordance with the laws of the State of Louisiana. 336
337
DEADLINES: TIME IS OF THE ESSENCE and all deadlines are final, except where modifications, changes, or extensions are made in writing 338
and signed by all parties to this Agreement. All “calendar days” as used in this Agreement or as are put forth in this Agreement shall end at 339
11:59 p.m. in Louisiana. 340
341
ADDITIONAL TERMS AND CONDITIONS: 342
____________________________________________________________________________________________________ 343
____________________________________________________________________________________________________ 344
____________________________________________________________________________________________________ 345
____________________________________________________________________________________________________ 346
____________________________________________________________________________________________________ 347
____________________________________________________________________________________________________ 348
____________________________________________________________________________________________________ 349
____________________________________________________________________________________________________350
____________________________________________________________________________________________________ 351
____________________________________________________________________________________________________ 352
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
BUYER’S Initials_______ BUYER’S Initials_______ Page 9 of 10 SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______ SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
ROLES OF BROKERS AND DESIGNATED AGENTS: Broker(s) and Designated Agent(s) have acted only as real estate brokers to bring the 353
parties together and make no warranty to either party for performance or non-performance of any part of this Agreement or for any warranty of 354
any nature unless specifically set forth in writing. 355
Broker(s) and Designated Agent(s) make no warranty or other assurances whatsoever concerning Property measurements, square footage, 356
room dimensions, lot size, Property lines or boundaries. Broker(s) and Designated Agent(s) make no representations as to suitability or to a 357
particular use of the Property, and the BUYER has or will independently investigate all conditions and characteristics of the Property which are 358
important to the BUYER. The BUYER is not relying on the Broker or the Designated Agent(s) to choose a representative to inspect or re-inspect 359
the Property; the BUYER understands any representative desired by the BUYER may perform this function. In the event Broker/Agent(s) 360
provides names or sources for such advice or assistance, Broker/Agent(s) does not warrant the services of such experts or their products and 361
cannot warrant the condition of Property or interest to be acquired or guarantee that all defects are disclosed by the SELLER(S). 362
Broker/Agent(s) do not investigate the status of permits, zoning, code compliance, restrictive covenants, or insurability. The Broker(s) and 363
Designated Agent(s) specifically make no warranty whatsoever as to whether or not the Property is situated in or out of the Government’s 364
hundred-year flood plan or is or would be classified as wetlands by the U.S. Army Corps of Engineers, or as to the presence of wood 365
destroying insects or damage there from. The BUYER(S) are to satisfy themselves concerning these issues. Designated Agent shall be an 366
independent contractor for Broker if the conditions as set forth in LA R.S. 37:1446(h) are met. 367
368
LIST ADDENDA TO BE ATTACHED AND MADE A PART OF THIS AGREEMENT: 369
370
Contingency for Sale of the BUYER’S Other Property Addendum Private Water/Sewerage Addendum 371
Condominium Addendum Deposit Addendum 372
FHA Amendatory Clause _________________________________________ 373
New Construction Addendum _________________________________________ 374
375
If any of the pre-printed portions of this Agreement vary or are in conflict with any additional or modified terms on blanks provided in this form 376
or Addendum attached to this Agreement, the additional, modified or Addendum provisions control. 377
378
SINGULAR – PLURAL USE: Wherever the word BUYER or the word SELLER occurs in this Agreement or is referred to, the same shall be 379
construed as singular or plural, masculine or feminine or neuter, as the case may be. 380
381
ACCEPTANCE: Acceptance of this Agreement must be in writing. This agreement may be executed by use of electronic signatures, in 382
accordance with the Louisiana Uniform Electronic Transaction Act. The original of this Agreement shall be delivered to the listing Broker’s firm. 383
This Agreement and any supplement addendum or modification relating hereto, including any photocopy, facsimile or electronic transmission 384
thereof, may be executed in two or more counterparts, all of which shall constitute one and the same Agreement 385
386
NOTICES AND OTHER COMMUNICATIONS: All notices, requests, claims, demands, and other communications related to or required by this 387
Agreement shall be in writing. Notices permitted or required to be given (excluding service of process) shall be deemed sufficient if delivered 388
by (a) mail, (b) hand delivery; (c) overnight delivery; (d) facsimile, (e) email, or (f) other e-signature transmissions addressed to the respective 389
addresses of the parties as written on the first page of this Agreement or at such other addresses as the respective parties may designate by 390
written notice. 391
392
CONTRACT: This is a legally binding contract when signed by both the SELLER and the BUYER. READ IT CAREFULLY. If you do not 393
understand the effect of any part of this Agreement seek legal advice before signing this contract or attempting to enforce any obligation or 394
remedy provided herein. 395
396
ENTIRE AGREEMENT: This Agreement constitutes the entire Agreement between the parties, and any other agreements not incorporated herein 397
in writing are void and of no force and effect. 398
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP) DATE
Page 10 of 10
EXPIRATION OF OFFER: 399
This offer is binding and irrevocable until ____________________, 20____ at ______________ AM PM NOON. 400
The Acceptance of this offer must be communicated to the offering party by the deadline stated on line 400 to be binding and effective. 401
X________________________________________________
X________________________________________________
Buyer’s/
Seller’s Signature
X________________________________________________
Buyer’s/
Seller’s Signature
_________________________________________________
Date/Time AM PM NOON
Buyer’s
/
Seller’s Signature
X________________________________________________
Buyer’s/
Seller’s Signature
_________________________________________________
Date/Time AM PM NOON
__________________________________________________
_________________________________________________
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
This offer was presented to the Seller Buyer by _____________________________________________________________
_________________________________________________
_____________________________________________________
Day/ Date/ Time AM PM NOON
This
offer
is:
Accepted
Rejected (without counter) Countered (See Attached Counter) by:
X________________________________________________
X_______________________________________________
Buyer’s
/
Seller’s Signature
X________________________________________________
Buyer’s/
Seller’s Signature
_________________________________________________
Date/Time AM PM NOON
Buyer’s
/
Seller’s Signature
X________________________________________________
Buyer’s/
Seller’s Signature
_________________________________________________
Date/Time AM PM NOON
__________________________________________________
________________________________________________
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
This offer was presented to the
Seller
Buyer by _____________________________________________________________
____________________________________________________
__________________________________________________
Day/ Date/ Time AM PM NOON
__________________________________________________
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
________________________________________________
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
__________________________________________________
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
_________________________________________________
Print Buyer’s/Seller’s Full Name (First, Middle, Last)
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LOUISIANA RESIDENTIAL AGREEMENT TO BUY OR SELL (Louisiana Louisiana Real Estate Commission)

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Completed 30 April 2022

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