![]() ![]() The price being offered is written as both words and a dollar amount, to avoid any confusion about the exact price. Now we’re getting into the meat of the Louisiana real estate contract. Price, closing date, contingencies, and financing This paragraph specifically advises that the seller waives all rights to use the surface of the property for any mineral activity. We will occasionally (as in very rarely) see sellers retain mineral rights in Plaquemines Parish but it doesn’t mean they can come onto the new owner’s property in order to mine or drill. The typical New Orleans purchase will have a -0- on line 30 because sellers are not holding onto their mineral rights after selling. Next up, in lines 29-32, are mineral rights. Those lines also include any additional items being conveyed, such as pool equipment, furnishings, and moveable appliances like refrigerators, washers, and dryers. TV mounts are not specifically addressed, and it could be argued either way if they are permanently attached or not, so if a buyer wants a TV mount to be included in a sale, it’s important for their agent to writing it in on lines 19-22. Window coverings (drapes, blinds, shutters, and the hardware used to attach them) are part of the property unless excluded. ![]() What causes the most disagreements? Window coverings and TV mounts. It’s important to note all of the items that are automatically included in a sale because if any of them are not going to convey from the seller to the buyer they need to be detailed as exclusions on lines 27-28. Lines 1-28 of the Louisiana real estate contract outline the date the offer is written and the details of the property being purchased. Read: Why we don’t practice dual agency Property Description That little check box in the middle is for when the listing and selling agent are the same, known as dual agency. The top of page 1 records the listing agent and selling (buyer) agent and brokerage information, including how the offer was delivered to the listing agent and when they received it. Price, closing date, contingencies, and financing.What’s the Louisiana Real Estate Contract?.to discuss your real estate contract needs today. You can get the help you need from our experienced real estate legal team. Real estate transactions can be complicated and disputes can be difficult to resolve. Have a skilled real estate attorney draft and/or review the contract before you sign the document. If the deposit is too low, it may not cover all of your expenses in case of a breach and the buyer may not have an incentive to follow through with the purchase. The earnest money is a way to ensure that the buyer will not breach the contract. The contract should provide specific details for how to handle a breach. Always ensure that you and the buyer sign a written real estate contract. It is almost always easier to protect yourself up front than to try to resolve a difficult situation later. How to Protect Yourself in a Real Estate Transaction This option may not be ideal if the buyer breached the contract because of financial reasons. Rather than collecting money for a breach, the seller may prefer to require the buyer to go through with the purchase. Damages may include your actual losses as well as any price difference between the contract purchase price and the current fair market value of the home.įile a Lawsuit for Performance: In some cases, you may be able to sue the buyer as a way to enforce the contract. You may be entitled to collect damages in a breach of contract claim against the buyer. Earnest money is generally a percentage of the purchase price of the property and the buyer often pays it with a check to an escrow agent.įile a Lawsuit for Damages: When the amount of earnest money is too low, or non-existent, you may need to sue the buyer for damages. The contract must be clear about the deposit and you should include a liquidated damages clause in case of a breach of contract. You should always ensure that you obtain a deposit that will cover your expenses should the buyer back out of the deal. It is money that the buyer puts down to hold the home. The deposit is also called earnest money. Keep the Deposit: The deposit is an important part of the real estate sale agreement. What Options do I Have?Īs a seller, you may have several options available to you when a buyer does not go through with a sale. It is helpful to seek guidance from a reputable real estate attorney to discuss the situation and learn your particular options. As a seller, you do have some options for recourse that you can consider in this instance. Unfortunately, it can be a big disappointment and a financial blow when a buyer defaults on a contract. Once you find a buyer and sign the contract, you are happy to move forward with your plans. Selling your home is often a lengthy and difficult process. ![]()
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