Form Lrec - Informational Statement For Louisiana Residential Property Disclosure - 2006
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Property Description (Address, City, State, Zip) ________________________________________________________
Informational Statement for Louisiana Residential Property Disclosure
In accordance with Act 308 of the 2003 Louisiana Legislature (LSA-R.S. 9:3195-3199), effective July 1, 2004, a seller
of residential real property must furnish purchasers with a Property Disclosure Document. A complete copy of these
statutes can be found at
The required Property Disclosure Document may be in the form
promulgated by the Louisiana Real Estate Commission (“Commission”) or in another form that contains substantially
the same information. The Commission form can be found at
Who is required to make disclosure?
A seller’s obligation to furnish a Property Disclosure Document applies to any transfer of any interest in residential real
property, whether by sale, exchange, bond for deed, lease with option to purchase, etc.
The following transfers are exempt from the requirement to provide a Property Disclosure Document:
1. Court order transfers
2. Transfers to a mortgagee by a mortgagor or successor in interest who is in default
3. Transfers by a mortgagee who has acquired the property at a sale conducted pursuant to a decree of foreclosure or
by deed in lieu of foreclosure
4. Transfers by a fiduciary in the course of administration of a decedent’s estate, guardianship, conservatorship or
trust
5. Transfers of new constructed property
6. Transfers from one or more co-owners solely to one or more of the remaining owners
7. Transfers pursuant to a testate or intestate succession
8. Transfers of property that will be converted into a use other than residential
9. Transfers of property to a spouse or relative in the bloodline
10. Transfers between spouses resulting from a judgment of divorce or separate maintenance
11. Transfers to or from any governmental entity
12. Transfers from an entity that has acquired title or assignment of a real estate contract to assist the owner in
relocation as long as the entity makes available certain disclosure documents
13. Transfers to an inter vivos trust
14. Acts that, without changing ownership, confirm, correct, modify or supplement a deed or conveyance already
recorded.
EXEMPTION: In accordance with Act 308 of the 2003 Louisiana Legislature, the SELLER of said property is exempt
from the requirement to provide a Property Disclosure Document.
Seller (sign) ______________________________ (print) ________________________ Date ______ Time ______
Seller (sign) ______________________________ (print) ________________________ Date ______ Time ______
R
P
C
F
D
IGHTS OF
URCHASER AND
ONSEQUENCES FOR
AILURE TO
ISCLOSE
If the property disclosure document is delivered after the purchaser makes an offer, the purchaser can terminate any
resulting real estate contract or withdraw the offer for up to 72 hours after receipt of the Property Disclosure
Document. This termination or withdrawal will always be without penalty to the purchaser and any deposit or earnest
money must be promptly returned to the purchaser (despite any agreement to the contrary).
D
R
E
L
C
F
F
S
D
UTIES OF
EAL
STATE
ICENSEES AND
ONSEQUENCES FOR
AILURE TO
ULFILL
UCH
UTIES
Louisiana law requires real estate licensees to inform their clients of those clients’ duties and rights in connection with
the Property Disclosure Document discussed above.
Failure to inform could subject the licensee to censure or
suspension or revocation of their license, as well as fines. The licensee is not liable for any error, inaccuracy, or
omission in a Property Disclosure Document, unless the person has actual knowledge of the error, inaccuracy, or
omission by the seller.
O
I
P
L
THER
MPORTANT
ROVISIONS OF THE
AW
•
A Property Disclosure Document shall not be considered a warranty by the seller.
•
A Property Disclosure Document is for disclosure purposes only; it is not intended to be part of any contract
between the seller and the purchaser.
•
The Property Disclosure Document may not be used as a substitute for any inspections or warranties that the
purchasers or seller may obtain.
•
Nothing in this law precludes the rights or duties of a purchaser to inspect the physical condition of the
property.
K
D
EY
EFINITIONS
•
R
,
ESIDENTIAL REAL PROPERTY IS REAL PROPERTY CONSISTING OF ONE OR NOT MORE THAN FOUR RESIDENTIAL DWELLING UNITS
-
WHICH ARE BUILDINGS OR STRUCTURES EACH OF WHICH ARE OCCUPIED OR INTENDED FOR OCCUPANCY AS SINGLE
FAMILY
.
RESIDENCES
•
K
NOWN DEFECT IS A CONDITION FOUND WITHIN THE PROPERTY THAT WAS ACTUALLY KNOWN BY THE SELLER AND THAT RESULTS IN
:
ONE OR ALL OF THE FOLLOWING
a. I
.
T HAS A SUBSTANTIAL ADVERSE EFFECT ON THE VALUE OF THE PROPERTY
b. I
.
T SIGNIFICANTLY IMPAIRS THE HEALTH OR SAFETY OF FUTURE OCCUPANTS OF THE PREMISES
c.
I
,
,
,
.
F NOT REPAIRED
REMOVED
OR REPLACED
SIGNIFICANTLY SHORTENS THE EXPECTED NORMAL LIFE OF THE PREMISES
LREC R
. 02/01/06
EV
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