Louisiana's Residential Property Disclosure form requires sellers to disclose:
Correct Answer
B) Known conditions including structural, mechanical, water intrusion, environmental issues, and flood history
Louisiana requires sellers of residential property (1-4 units) to complete a property disclosure document covering known material conditions. Despite the civil code's redhibition protections, sellers must still disclose known defects.
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Related Topics & Key Terms
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Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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