Originally Posted By: gromicko
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(June 1, 2004) – Come July1, all residential property owners in the state of Louisiana will have to fill out a property disclosure document prior to selling their homes, thanks to a new law enacted last year. Supported by the Louisiana Association of REALTORS?, the law is the first of its kind in the state, according to Norman Morris, LAR’s senior vice president. He called the mandatory disclosure “a good consumer-protection tool.”
Sellers must either use a document created by the Louisiana Real Estate Commission or a disclosure that contains at least the minimum language set forth by the LREC. If either party to the transaction is represented by a real estate licensee, the law requires the licensee to inform his or her clients of about the disclosure requirement and their rights and responsibilities. Failure to do so could result in a fine, censure, or suspension or revocation of a real estate license, Morris says.
"Some boards had their own forms, and LREC has had a suggested disclosure form on its Web site for years," says Morris. "Now, everyone will be on the same page."