Louisiana Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is a Louisiana Real Estate Contract?

A Louisiana real estate contract is a legally binding agreement between a buyer and a seller that outlines the terms and conditions of the sale of real estate. A real estate contract will include essential information like:

  • Purchase price
  • Closing date
  • Conditions to meet before the sale is finalized
  • Property address and legal description
  • Property defects or issues

To be legally binding and enforceable in Louisiana, a real estate contract must be signed by all parties involved in the transaction and it must comply with all applicable state and federal laws.

Common Louisiana Real Estate Contracts

There are several types of real estate contracts may be used in Louisiana. Each contract serves a different purpose based on the property type. Common contracts include:

  • Residential real estate contract. Used when buying or selling land or a building that will be used for housing. In Louisiana, most real estate agents use the Louisiana Real Estate Commission approved purchase agreement.
  • Commercial real estate contract . Used when buying or selling property zoned for operating a business like an office building.

4 Essential Elements of a Louisiana Real Estate Contract

The 4 essential elements that every Louisiana real estate contract must include to be valid under state laws are:

  1. An offer by the buyer to purchase the property
  2. Acceptance of the offer by the seller
  3. Consideration (usually the exchange of money for the property)
  4. The intention of both parties to enter the agreement

Can a Seller Back out of a Real Estate Contract in Louisiana?

Yes. A seller can back out of a real estate contract in Louisiana if the contract includes a contingency clause allowing them to do so or if the buyer breaches the contract. In addition, the Louisiana Real Estate Commission's rules allow for a seller to back out of a contract if the property is destroyed or made uninhabitable before closing.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Louisiana?

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


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