Louisiana Property Disclosures Part 3 - Structure

In parts 1 and 2 of this series, we covered the Louisiana property disclosures involving Land and the disclosures involving Termites and Wood Destroying Insects.

Home sellers in Louisiana (including for sale by owners) are required to provide a property disclosure prior to a potential buyer making an offer to purchase.  This mandate applies not only to sales, but also to exchanges, bond for deeds and lease purchase options.

If the property disclosure is supplied to the purchaser after an offer is received, the purchaser can terminate the purchase agreement without penalty up to 72 hours after receipt.  This means that no matter what terms are written in the sales contract, the purchaser can demand the return of their deposit and cancellation of the purchase agreement if the disclosures are not signed at the time an offer is submitted.

A known defect is defined as:  A condition found within the property that was actually known by the seller and that results in one or all of the following:

• It has a substantial adverse effect on the value of the property
• It significantly impairs the health or safety of future occupants of the premises
• If not repaired, removed or replaced, significantly shortens the expected normal life of the premises

The next part of the structure section addresses specific concerns about the property and its condition:

Has any structure ever taken on water by flooding (rising water or otherwise)?  Once again, I will remind you that it is imperative to be honest in answering these questions.  Any flooding, even if was way back in 1965 for Hurricane Betsy, needs to be disclosed and fully explained to potential purchasers.  Additional explanations can include drainage improvements made by the city or parish since that time.

What is the approximate age of all structures?    Oftentimes, a garage or shed has been added since the original construction of the home, so there may be a difference in ages between structures on the premises.

What is the approximate age of the roof of each structure?  Again, there may be an age difference between the roof of a home and the roof of a garage, guest house or shed.

Does the property contain EIFS or other synthetic stucco?  Given the troubled history of EIFS in Louisiana with our almost constant humid and moist climate, purchasers may want to have a stucco inspection performed on properties containing this product.  It is imperative to disclose the existence of any form of synthetic stucco on a property.

What is the approximate square footage of the living area of each structure?  What is the source of this information?  If you have builder’s plans or an appraisal, the square footage can be taken from these sources.  If you do not have this information, your agent can measure the property for you and be cited as the source. 

NOTE TO BUYERS:  Many square footage measurements in Louisiana are provided by the listing agents and should be considered an estimate, not a guarantee, of the living area of a home.  Your appraiser will provide you with a more precise square footage measurement.

Our next installment of Louisiana property disclosures will deal with Plumbing, Water, Gas and Sewerage.

If you need assistance with understanding the disclosure laws in Louisiana, please contact Lisa Heindel, REALTOR®.  I’d be happy to explain these forms in more detail to you.