Louisiana Revised Statutes 37:1449.1 – Duty of real estate licensees to use purchase agreement forms
Terms Used In Louisiana Revised Statutes 37:1449.1
- Buyer: includes a lessee. See Louisiana Revised Statutes 37:1431
- Commission: means the Louisiana Real Estate Commission. See Louisiana Revised Statutes 37:1431
- Licensee: means any person who has been issued a license by the commission to participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Real estate: shall mean and include condominiums and leaseholds, as well as any other interest in land, with the exceptions of oil, gas and other minerals and whether the real estate is situated in this state or elsewhere. See Louisiana Revised Statutes 37:1431
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Seller: includes a lessor. See Louisiana Revised Statutes 37:1431
A. A licensee representing either the buyer or seller of residential real property shall complete the purchase agreement form prescribed by the Louisiana Real Estate Commission in making an offer to purchase or sell residential real property. No person shall alter the purchase agreement form; however, addendums or amendments to the purchase agreement form may be utilized.
B. The promulgation of this form shall be conducted in accordance with the Administrative Procedure Act no later than July 1, 2007.
C.(1) As used in this Section, the term “purchase agreement form” shall mean a document in a form prescribed by the Louisiana Real Estate Commission as a written agreement for the sale or purchase of residential real property.
(2) As used in this Section, the term “residential real property” means 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.
D. The provisions of this Section shall apply to the sale of residential real property on or after January 1, 2008.
Acts 2006, No. 333, §1.