A Louisiana property disclosure statement informs an individual of any significant or adverse facts affecting a property they are interested in purchasing. The statement must be recorded by the property owner on the disclosure form prescribed by the Louisiana Real Estate Commission or another form containing the language prescribed by the Commission. In addition to the property disclosure statement, the seller must provide statements notifying the purchaser of the following:
- Whether they need to register as a member of a homeowner’s association of the community in which the property is located.
- Whether the property has been used to house an unlawful methamphetamine laboratory.
- Whether a cavity formed inside a salt stock by dissolution with water exists underneath the premises or if a solution mining injection well is within two thousand six hundred and forty (2640) feet of the premises.
- Whether the property has received commercial or industrial zoning.
If the seller is unable to deliver the disclosure documents before an offer is made, the purchaser reserves the right to terminate any finalized contract or pending offers within seventy-two (72) hours of receiving the belated disclosure documents. Earnest money and deposits will be returned without penalty if the offer is withdrawn within the indicated timeframe.
Laws – § 9:3198
Purchase Agreement – Before real estate is transferred from buyer to seller through a purchase agreement, the seller must also state the presence or absence of contamination from lead-based paint or methamphetamines and whether salt stock cavities or solution mining injection wells are within a distance from the property that may affect the occupants of the home.