Robert owns a home in New Orleans that he inherited from his father. He is now selling the property to an unrelated third-party buyer. Robert has never lived in the home and has limited knowledge of its condition. Under the Louisiana Residential Property Disclosure Act, which statement best describes Robert's disclosure obligation?
Correct Answer
B) Robert must complete the Property Disclosure Document to the best of his knowledge, disclosing only what he actually knows about the property's condition
Under La. R.S. 9:3196 et seq., the seller's disclosure obligation is based on actual knowledge. A seller is required to disclose known defects and material facts. Robert must complete the Property Disclosure Document to the best of his knowledge, indicating what he knows and noting where he lacks information. The law does not require sellers to have omniscient knowledge of a property's condition, only to disclose what they actually know.
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Related Topics & Key Terms
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Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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