Terms Used In Louisiana Revised Statutes 9:3196

  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Purchaser: means a transferee or prospective transferee in any of the types of transactions described in R. See Louisiana Revised Statutes 9:3196
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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. See Louisiana Revised Statutes 9:3196
  • Seller: means an owner of residential real property, whether an individual, partnership, corporation, or trust, who sells or attempts to sell residential real property in a manner described in R. See Louisiana Revised Statutes 9:3196

            As used in this Chapter, the following terms have the meanings hereinafter ascribed to them:

            (1) “Known defect” means a condition found within the property that was actually known by the seller and that results in any of the following:

            (a) Has a substantial adverse effect on the value of the property.

            (b) Significantly impairs the health or safety of future occupants of the property.

            (c) If not repaired, removed, or replaced, significantly shortens the expected normal life of the property.

            (2) “Property disclosure document” means a document in a form prescribed by the Louisiana Real Estate Commission, or a form that contains at least the minimum language prescribed by the commission, which is presented by the seller to the purchaser in the manner set forth in R.S. 9:3198(B) and which discloses, at a minimum, known defects in the residential real property.

            (3) “Purchaser” means a transferee or prospective transferee in any of the types of transactions described in R.S. 9:3197(A).

            (4) “Real estate contract” means any written agreement, entered into prior to the perfection of the contract of sale or contract to lease or otherwise with an option to purchase, which relates to the sale, offer for sale, purchase, offer to purchase, lease with option to purchase, offer to lease with option to purchase, any other option to purchase, or any other offer which includes an option to purchase any residential real property or improvements thereon.

            (5) “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.

            (6) “Seller” means an owner of residential real property, whether an individual, partnership, corporation, or trust, who sells or attempts to sell residential real property in a manner described in R.S. 9:3197(A).

            Acts 2003, No. 308, §1, eff. June 13, 2003; Acts 2018, No. 559, §1.