The word “intended” refers to the use of the Louisiana Residential Agreement to Buy or Sell, promulgated by the Louisiana Real Estate Commission, is mandatory in all residential stores where real estate agents represent the buyer or seller (contrary to recommended only). It makes sense to use the same sales contract to have as much consistency as possible in housing operations. Consistency in the use of the same sales contract allows for less opportunity for one party to “pull quickly” by quickly changing the language on the other side. Therefore, the requirement for the LREC to use a particular form for the trade of residential stores is good. A. The sales contract form used by licensees representing the buyer or seller in a residential real estate transaction is the housing contract required by the Louisiana Real Estate Commission for the purchase or sale or any potential successor to the transaction; The contract to purchase and sell residential real estate in Louisiana allows a person to acquire real estate, to set the terms of the transaction. The seller can negotiate the price and challenge the offer to purchase until an agreement is reached. It is here that the contract that passes on the agreed purchase price, the way in which the buyer finances the purchase, the responsibilities of the buyer and seller, as well as all the additional conditions that one of the parties wishes to add can be concluded. In the state of Louisiana, the law requires the seller of real estate to provide the buyer with an advertisement of residential real estate describing the known condition of the residence. Louisiana Residential Property Disclosure (No. 9:3198) – All home sellers must provide potential buyers with a full disclosure statement revealing the physical condition of the property. (In short: Please note that the LREC does not need this form for business transactions.
Commercial transactions will have their own forms). 2. Document to your file that you recommended that buyers use the standard sales form (which they declined) and that you recommended that your clients have all documents checked by a lawyer. B. The housing contract for sale or sale, or any contract that results from it, is used in accordance with the provisions of the SAR 37:1449.1; I represent the sellers of a house. A broker sent me an offer on behalf of his client, but the offer is on a document drawn up by the buyer (who is a lawyer) and not on the standard purchase or sale agreement issued by the Louisiana Real Estate Commission. 1. Inform your customers that there may be potential problems with using the buyer`s form and recommend that your customers check all buyer-generated offers/counter-offers/supplements; In accordance with the rules and regulations of the Louisiana Real Estate Commission, Chapter 39 “Presentation of Offers and Counter-Offers,” Section 3900 entitled “Sales Forms”: on the basis of the above, you may be advised to contact the buyer`s representative and ask the buyer again to submit the offer via the approved purchase or sale form of the LREC.
If the buyer refuses to use the standard sales form, the following things could be considered by you.