Every couple of years, the disclosure forms that every seller has to provide to a buyer changes.
Effective February 1, 2015, a new seller property disclosure form came into play.
Who has to provide a disclosure?
Louisiana law states that anyone selling a residential (1-4 family) property must provide a disclosure to potential buyers, including For Sale by Owners. The disclosure must make known “…known defects regarding a property being transferred”.
There are a few exemptions, including banks selling property they acquired via foreclosure, family members selling to each other and transfers of property due to the execution of a will or succession.
When should disclosures be provided?
As REALTORS®, we expect to be able to review a property disclosure with our buyers before making an offer.
The law states that if a disclosure is delivered after an offer is made, the buyer can terminate any contract or withdraw the offer for up to 72 hours after receipt of the property disclosure.
What a disclosure doesn’t do
- A disclosure doesn’t take the place of a buyer performing their own due diligence and having the property inspected
- A disclosure is not a warranty of condition
- A disclosure is not a part of the contract to buy or sell between parties
FREE DOWNLOAD: 2015 Louisiana Property Disclosure form
Need help buying or selling your West Bank home? Call us at 504-327-5303. We’ll be happy to guide you through the process.