A Louisiana real estate salesperson is explaining the requirements for a valid purchase agreement for immovable property to her buyer clients. All of the following are required elements of an enforceable promise to sell immovable property in Louisiana EXCEPT:
Correct Answer
D) The agreement must be executed before a notary public
Under Louisiana Civil Code Art. 2623, a promise to sell immovable property requires: (1) a writing, (2) identification of the property, and (3) the price. Notarization is NOT required for the promise to sell (purchase agreement) to be enforceable between the parties. Notarization is required for the Act of Sale itself to be recordable in the public records, but it is not a prerequisite for the enforceability of the preliminary purchase agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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