Two co-owners, Lisa and David, jointly own a residential property in Lafayette. Lisa wants to sell her undivided interest to David, who will then become the sole owner. Under the Louisiana Residential Property Disclosure Act, which of the following is correct regarding this transaction?
Correct Answer
A) Lisa is exempt from providing the Property Disclosure Document because this is a transfer between co-owners
La. R.S. 9:3198 explicitly exempts transfers between co-owners from the requirements of the Louisiana Residential Property Disclosure Act. Because Lisa and David are already co-owners of the property, Lisa's transfer of her undivided interest to David falls within this statutory exemption, and she is not required to provide the Property Disclosure Document.
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