Before continuing our series on the required Louisiana property disclosures, here is a list of the previous articles:
Louisiana Property Disclosures Part 1 - Yes, You Have to Disclose That!
Louisiana Property Disclosures Part 2 - Bugs, Bugs and More About Bugs
Louisiana Property Disclosures Part 3 - Structure
Louisiana Property Disclosures Part 4 - Plumbing, Water, Gas and Sewerage
A quick recap about disclosures:
Home sellers in Louisiana (including for sale by owners) are required to provide a property disclosure prior to a potential buyer making an offer to purchase. This mandate applies not only to sales, but also to exchanges, bond for deeds and lease purchase options.
If the property disclosure is supplied to the purchaser after an offer is received, the purchaser can terminate the purchase agreement without penalty up to 72 hours after receipt. This means that no matter what terms are written in the sales contract, the purchaser can demand the return of their deposit and cancellation of the purchase agreement if the disclosures are not signed at the time an offer is submitted
The next section of the Louisiana property disclosure form deals with the condition of the electrical system in your home, along with the heating and cooling systems and all appliances:
Are there any defects with the electrical system? As always, if you know of an existing issue, it 
must be disclosed to any potential purchaser. Additionally, most insurance companies are asking about upgrades to electrical systems before issuing policies. If you have updated any of the electrical components in your home (for example, changing the fuse panel to a breaker box) it's a good idea to put this in the explanation section.
Are there any defects with the heating or cooling systems? I hope that you have been having your air conditioner and heater checked and serviced annually by a licensed A/C and heat contractor. If not, I advise having the system cleaned and serviced and checked for any leaks prior to putting your home on the market.
What type of cooling system is installed? Choose the type of system in your home. If there are multiple systems, use the explanation section to outline them in detail.
What type of heating system is installed? Choose the type of system in your home. Again, if there are different types of heating installed in different areas of the home, use the explanation section to outline them.
If a fireplace exists, is it working? This is an important question in the New Orleans area, since many of our historic homes have the original mantles and fireplace openings, but the fireplaces are purely decorative and not functional.
Are there any defects in any permanently installed or built-in appliances? If you know that the self cleaning function on your oven doesn't work, this is the time to disclose it to any potential buyers. Again, this form is to protect your interests, as well as inform the buyer about the condition of the home.
Stay tuned for our final installment: Miscellaneous (or, all of the rest of the things we need to know about your house).
Do you need assistance in understanding or completing a Louisiana property disclosure form? Feel free to drop me a line at lisa@lisaheindelsells.com. I'd be happy to answer any questions you may have.
When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.
Copyright 2008. Lisa Heindel, All rights reserved.
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