Real Estate in Louisiana

Buying a new home can be one of the biggest events in your life. It involves a lot more than simply signing on the dotted line and it’s not something you want to take lightly. Understanding real estate law in Louisiana will help you avoid the pitfalls often found in the home buying process.

A Real Estate Agent’s Fiduciary Duty

In Louisiana, real estate agents may represent the seller, buyer or both. In any instance, he has what is called a fiduciary duty to the person he is representing. This means that the agent you choose must protect your interests, keep any information you share with him, confidential, work for terms that will meet your needs and be responsible for all money properties you place in his trust.

A Seller’s Responsibility to Provide Disclosure

When someone is selling a house, real estate law in Louisiana requires disclosure of any existing problems with the property. The seller has an obligation to provide you with a disclosure form. This should include such things as, plumbing and heating problems, any leaks or wet basements, cracks in the foundation, and problems with the title. Once you find the house you’re interested in buying, you and the seller will work out a sale agreement which you will both sign. But it is important to remember that before you sign anything you should consult an attorney experienced in real estate law in Louisiana.

The All Important Inspection

Don’t buy a house without a home inspection. There can be many unseen problems that can crop up later and home inspector is trained to spot these potential problems. You can make your purchase offer pending on the outcome of the home inspection.

Closing Costs: How Much Will You Pay?

You may need to pay all or part of the closing fees at the time of purchase. These fees can vary depending on what you have previously negotiated with the seller. Sometimes a seller will cover at least a portion of the closing costs if they are interested in a quick sale and if your offer is attractive enough

Getting Your Mortgage

When you buy your home, you will sign a sort of promissory note, promising to pay back the money that the lending company is giving you. This is document is your mortgage. The lender retains the original until the loan is paid in full. Be sure to have an understanding of real estate law in Louisiana before you sign any legally binding documents.

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