"Louisiana Residential Agreement to Buy or Sell" - Louisiana

Louisiana Residential Agreement to Buy or Sell is a legal document that was released by the Louisiana Real Estate Commission - a government authority operating within Louisiana.

Form Details:

  • Released on January 1, 2022;
  • The latest edition currently provided by the Louisiana Real Estate Commission;
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  • Fill out the form in our online filing application.

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PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP)
DATE
LOUISIANA RESIDENTIAL AGREEMENT TO BUY OR SELL
Listing Firm
Selling Firm
Dual
Agent
Seller’s Designated Agent Name (“Seller’s agent”) &
Buyer’s Designated Agent Name (“Buyer’s agent”) & License
License Number
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.
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
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP)
DATE
LOUISIANA RESIDENTIAL AGREEMENT TO BUY OR SELL
Listing Firm
Selling Firm
Dual
Agent
Seller’s Designated Agent Name (“Seller’s agent”) &
Buyer’s Designated Agent Name (“Buyer’s agent”) & License
License Number
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.
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
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP)
DATE
PROPERTY DESCRIPTION: I/
We offer and agree to Buy/Sell the property at:
1
(Municipal Address)
2
City________________________________________; Zip__________________; Parish___________________; Louisiana,
3
(Legal Description)_______________________________________________________________________________________
4
________________________ on lands and grounds measuring approximately (#____________________________________)
5
or as per record title; including all buildings, structures, component parts, and all installed, built-in, permanently attached improvements,
6
together with all fences, security systems, all installed speakers or installed sound systems, all landscaping, all outside TV antennas, all satellite
7
dishes, all installed and/or built-in appliances, all ceiling fans, all air conditioning or heating systems including window units, all bathroom
8
mirrors, all window coverings included but not limited to blinds, drapes, curtains, window shades, window coverings, all associated window
9
covering hardware, all shutters, all flooring, all carpeting, all cabinet tops, all cabinet knobs or handles, all doors, all door knobs or handles, all
10
doorbells, all windows, all roofing, all electrical systems, all installed security systems, installed generators, attached television mounts, gas
11
logs, and all installed lighting fixtures, chandeliers and associated hardware, other constructions permanently attached to the ground. If owned
12
by the SELLER prior to date of this Agreement, standing timber, unharvested crops and ungathered fruits of trees on the property shall be
13
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
14
transferred without any warranty and have no value: ____________________________________________________________
15
____________________________________________________________________________________________________
16
____________________________________________________________________________________________________
17
____________________________________________________________________________________________________
18
____________________________________________________________________________________________________
19
____________________________________________________________________________________________________
20
____________________________________________________________________________________________________
21
____________________________________________________________________________________________________
22
____________________________________________________________________________________________________
23
____________________________________________________________________________________________________
24
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
25
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
26
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 _____________________________________________________($_____________) (the “Sale Price”).
43
44
ACT OF SALE: The Act of Sale is to be executed before a settlement agent or Notary Public to be chosen by the BUYER, on
45
__________________________________, 20___, or before if mutually agreed upon. Any change of the date for execution of the Act of
46
Sale must be mutually agreed upon in writing and signed by the SELLER and the BUYER. At closing, the BUYER must provide "good funds" as
47
required by Louisiana statute LA R.S. 22:532 et seq.
48
BUYER’S Initials_______ BUYER’S Initials_______
Page 2 of 10
SELLER’S Initials______ SELLER’S Initials______
BUYER’S Initials_______ BUYER’S Initials_______
SELLER’S Initials______ SELLER’S Initials______
Rev. 01/01/2022
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP)
DATE
OCCUPANCY: Occupancy/possession and transfer of keys/access is to be granted at Act of Sale unless otherwise mutually agreed upon in
49
writing.
50
51
CONTINGENCY FOR SALE OF BUYER’S OTHER PROPERTY:
52
53
This sale is contingent on the sale of other property by the BUYER and the contingency language found either in lines 343-352 or the
54
attached addendum shall apply.
55
56
This sale is not contingent upon the sale of other property by the BUYER nor is the loan needed by the BUYER to obtain the Sale Price
57
contingent on the BUYER’S sale of any property.
58
59
FINANCING:
60
61
ALL CASH SALE: The BUYER warrants the BUYER has cash readily available to close the sale of this Property.
62
63
FINANCED SALE: This sale is conditioned upon the ability of BUYER to borrow with this Property as security for the loan the sum of
64
____________________________________________($__________) 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
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
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP)
DATE
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
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
PROPERTY DESCRIPTION (ADDRESS, CITY, STATE ZIP)
DATE
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
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
Page of 10