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Real Estate Purchase Agreement

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Louisiana Residential Property Disclosure Document

Property Description (Address, City, State, Zip)

In accordance with Act 308 of the 2003 Louisiana Legislature (LSA-R.S. 9:3195-3199), effective July 1, 2004, a seller of residential real property must furnish purchasers with a Property Disclosure Document.

The following transfers are exempt from the requirement to provide a Property Disclosure Document.

Exemption: In accordance with Act 308 of the 2003 Louisiana Legislature, the seller of said property is exempt from the requirement to provide a Property Disclosure Document.

Seller (sign)

Seller (print)

Date Time

Seller (sign)

Seller (print)

Date Time

Section 1: Land

(1) Are there any servitudes/encroachments regarding the property, other than typical/customary utility servitudes, that would affect the use of the property?

(2) Are there any rights vested in others? Check all that apply and explain at the end of this section.

Timber rights Y N NK    Common driveway Y N NK

Right of ingress or egress Y N NK    Mineral rights Y N NK

Right of way Y N NK    Surface rights Y N NK

Right of access Y N NK    Air rights Y N NK

Servitude of passage Y N NK    Usufruct Y N NK

Servitude of drainage Y N NK    Other Y N NK

(3) Has any part of the property been determined a wetland by the United States Army Corps of Engineers under §404 of the Clean Water Act? Y N NK (a) Is such a determination pending? Y N NK

(b) What date was determination made?

(4) Has any flooding, water intrusion, accumulation, or drainage problem been experienced with respect to the land? Y N NK

(5) What is/are the flood zone classification(s) of the property? (a) What is the source and date of this information?

Flood Elevation Certificate Date    Flood Insurance Policy Date    Other Date

(b) Does seller have a flood elevation certificate in seller’s possession that will be shared with buyer? Y N NK

(6) If the property is mortgaged, did the lender require you to buy flood insurance? Y N NK

Question Number / Explanation of “Yes” answers Additional sheet is attached

Section 2: Termites, Wood-Destroying Insects and Organisms

(7) Has the property ever had termites or other wood-destroying insects or organisms? Y N NK

(8) Was there any damage to the property? Y N NK

(9) Was the damage repaired? Y N NK

(10) Is the property currently under a termite contract? Y N NK

(a) Name of company (b) Date contract expires

(c) List any structures not covered by contract

Question Number / Explanation of “Yes” answers Additional sheet is attached

Section 3: Structure

(11) Are there any defects regarding the following? Check all that apply and explain at the end of this section.

Roof Y N NK    Ceilings Y N NK

Interior walls Y N NK    Exterior walls Y N NK

Floor Y N NK    Foundation Y N NK

Attic spaces Y N NK    Basement Y N NK

Porches Y N NK    Overhangs Y N NK

Steps/Stairways Y N NK    Railings Y N NK

Pool Y N NK    Spa Y N NK

Decks Y N NK    Patios Y N NK

Windows Y N NK    Other Y N NK

(12) Has any structure on the property ever taken water by flooding (rising water or otherwise)? Y N NK

(13) What is the approximate age of all structures on the property? Main structure Other structures

(14) What is the approximate age of the roof of each structure? Main structure Other structures

(15) Does the property contain exterior insulation and finish system (EIFS) or other synthetic stucco? Y N NK

(16) What is the approximate square footage of the living area of each structure on the property? Include the source of this information.

Square footage of is square feet. Source

Square footage of is square feet. Source

Question Number / Explanation of “Yes” answers Additional sheet is attached

Section 4: Plumbing, Water, Gas, and Sewerage

(17) Are there any defects with the plumbing system? Y N NK

(18) Are there any defects with the water piping? Y N NK

(a) Are there any defects with the water quality, quantity, or pressure? Y N NK

(b) The water is supplied by:

(c) If there is a well, when was the last time the water was tested? Date Results

(19) Is there gas service available to the property/structure? Y N NK

(a) If yes, what type?

(b) If yes, are there any defects with it? Y N NK

(20) Are there defects with any water heater? Y N NK

(a) Age of Unit 1   (b) Age of Unit 2

(21) The sewerage service is supplied by:

Question Number / Explanation of “Yes” answers Additional sheet is attached

Section 5: Electrical, Heating and Cooling, Appliances

(22) Are there any defects with the electrical system? Y N NK

(23) Are there any defects with the heating or cooling systems? Y N NK

(24) What type of cooling system is installed?

(a) Source:

(25) What type of heating system is installed?

(a) Source:

(26) If a fireplace exists, is it working? Y N NK

(a) What type is it?

(27) Are there any defects in any permanently installed or built-in appliances? Y N NK

Question Number / Explanation of “Yes” answers Additional sheet is attached

Section 6: Miscellaneous

(28) Has there been property damage related to the land or the improvements thereon, including, but not limited to, fire, windstorm, flood, hail, lightning, or other property damage? Y N NK

(a) If yes, were all related property damages, defects, and/or conditions repaired? Y N NK

(29) What is the zoning of the property?

(a) Has it ever been zoned for commercial or industrial use or is it located in a historical district? Y N NK

(30) Does the property and its present usage conflict with current zoning, building, and/or safety restrictions? Y N NK

(31) Are there any current or pending assessments, dues, liens, taxes owing on the property? Y N NK

(a) Is membership in an HOA, COA, or POA required as the result of owning this property? Y N NK

(b) Are any HOA, COA, or POA dues required? Y N NK

(c) If yes, what is the amount? $ per

(d) Are there any pending special assessments? Y N NK

(e) If yes, what is the amount? $ per

(32) Were any additions or alterations made to the property? Y N NK

(a) If yes, were the necessary permits and inspections obtained for all additions or alterations? Y N NK

(33) Is there a homestead exemption in effect? Y N NK

(34) Is there high speed Internet access available to the property? Y N NK

(35) Is there any pending litigation regarding the property? Y N NK

(36) Does the property or any of its structures contain any of the following? Check all that apply and provide the nature and frequency at the end of this section.

Asbestos Y N NK    Formaldehyde Y N NK

Radon gas Y N NK    Chemical storage tanks Y N NK

Contaminated soil Y N NK    Contaminated water Y N NK

Hazardous waste Y N NK    Toxic Mold Y N NK

Mold/Mildew Y N NK    Pets Y N NK

Electromagnetic fields Y N NK    Crystal meth exposure Y N NK

Other adverse materials or conditions Y N NK

Question Number / Explanation of “Yes” answers Additional sheet is attached

Acknowledgements

I/We attest that the above statements and explanations have been provided by me/us and are true and correct to the best of my/our knowledge.

Seller (sign)

Seller (print)

Date Time

Seller (sign)

Seller (print)

Date Time

Purchaser (sign)

Purchaser (print)

Date Time

Purchaser (sign)

Purchaser (print)

Date Time

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What a Real Estate Purchase Agreement Is and When it's Used

A Real Estate Purchase Agreement is a legally binding contract that records the terms under which real property transfers from a seller to a buyer. It sets the purchase price, deposit (earnest money), financing contingencies, inspection and repair terms, title and closing conditions, prorations, and the closing date. The agreement allocates risk, assigns responsibilities for disclosures and inspections, and often references exhibits such as property descriptions, seller disclosures, and addenda. Parties commonly execute this document early in a residential or commercial transaction to lock in key terms before title examination and closing.

Why a Clear Purchase Agreement Protects Buyer and Seller Interests

A precise agreement reduces ambiguity about price, timeline, and responsibilities, lowering the chance of dispute or failed closings. It creates enforceable obligations for inspection periods, financing deadlines, and contingencies, enabling both parties to assess risk and pursue remedies if the other side defaults.

Why a Clear Purchase Agreement Protects Buyer and Seller Interests

Who Commonly Prepares and Signs a Purchase Agreement

Real estate brokers, listing agents, buyers, sellers, and closing attorneys frequently prepare or review purchase agreements before execution.

  • Real estate agents and brokers who draft or present offers and manage negotiation timelines for clients.
  • Buyers and buyer agents who confirm financing, inspections, and contingencies before signing to preserve remedies.
  • Sellers, listing agents, and closing attorneys who ensure title, disclosures, and closing conditions are satisfied.

Each party should consult their broker or counsel to verify that contract terms match local practice and statutory disclosure requirements.

Key Sections to Include in a Professional Purchase Agreement

Include these core sections to create a complete, enforceable agreement used by practitioners and title companies.

Parties

Full legal names and entity types for buyer(s) and seller(s); include doing-business-as names and contact information for service.

Property Description

Precise street address, legal description, parcel number, and any included fixtures or exclusions to avoid post-closing disputes.

Purchase Price

Total price, earnest money amount and holder, payment method, and allocation for personal property or credits.

Contingencies

Financing, appraisal, inspection, and title contingencies with explicit deadlines and the process for cure or termination.

Closing Terms

Proposed closing date, place, who pays which closing costs, prorations, and deliverables at closing.

Representations

Seller disclosures, title commitments, and survival periods for representations and warranties after closing.

Step-by-Step: Completing and Executing a Purchase Agreement

Follow these sequential steps to prepare, review, and finalize a contract that the title company can accept.

  • 01
    Draft Offer: Complete buyer and property details and set the purchase price.
  • 02
    Attach Disclosures: Include seller disclosure, lead paint, HOA docs if applicable.
  • 03
    Set Deadlines: Specify inspection, financing, and closing dates with exact times.
  • 04
    Sign and Distribute: Obtain signatures from all parties and send executed copies to title and lender.

Configuring an Online Workflow for This Agreement

Set up an e-signature workflow that enforces signing order, authentication, and document retention.

Field Configuration
Signing Order Set buyer then seller, or parallel signing, depending on negotiation.
Authentication Use email plus SMS code for stronger signer verification when needed.
Conditional Fields Show inspection cure fields only if buyer elects to request repairs.
Retention Settings Enable automatic archival and certificate-of-completion storage after signing.

Electronic Signing and Distribution Requirements

Choose a platform that supports secure eSignatures, audit trails, and file export to PDF and DOCX.

  • File Formats: PDF and DOCX supported
  • Integrations: Integrates with title, CRM, cloud storage
  • Authentication: Email, SMS, KBA options

Ensure the vendor supports ESIGN/UETA compliance, audit logs, and optional notarization or RON workflows where required.

Where to Send the Signed Agreement and Typical Routing

After execution, deliver copies to the title company, lender, closing attorney, and each party's agent to start closing tasks.

  • Title Company: Receives executed contract to open title file.
  • Lender: Verifies contract terms for loan underwriting.
  • Buyer and Seller: Retain signed copies for records and inspection follow-ups.
  • Escrow Holder: Holds earnest money and coordinates closing funds.

Common Deadlines and Timing Expectations

Purchase agreements impose fixed deadlines; track these precisely to preserve termination rights and contingency remedies.

Inspection Period:

Typically 7–14 days to complete inspections and request repairs.

Financing Contingency:

Set number of days to secure loan approval or terminate.

Appraisal Deadline:

Often 15–30 days or tied to lender schedule.

Closing Date:

Specific calendar date when title transfers and funds disburse.

Deposit Release:

Conditions for earnest money release on termination are contract-specific.

Key Transaction Milestones from Offer to Closing

A typical timeline sequences inspection, financing, title review, and closing steps; track each milestone to avoid missed rights.

01

Offer Accepted

Earnest money deposited and contract becomes binding subject to contingencies.

02

Inspections Completed

Buyer completes inspections and elects repair requests or credits.

03

Loan Approval

Lender issues clear-to-close contingent on appraisal and title.

04

Closing Occurs

Funds transfer, deed records, and documents are delivered to parties.

Common Preparation and Execution Errors to Avoid

  • Using abbreviated or inconsistent party names that do not match title or ID causes delays during underwriting and recording.
  • Failing to set clear contingency deadlines can inadvertently waive rights to inspect or terminate the contract.
  • Missing attachments such as seller disclosures, HOA documents, or easement exhibits leads to title objections and closing delays.
  • Improper signature blocks or unsigned addenda may render portions of the agreement unenforceable in post-closing disputes.

Consequences of Errors or Missing Steps in a Purchase Agreement

Contract Voidance: Defects may allow a party to rescind the agreement.
Deposit Loss: Buyer may forfeit earnest money if they improperly terminate.
Recording Delay: Title issues can postpone transfer and possession.
Liability Exposure: Seller risks warranty or disclosure claims after closing.
Financing Failure: Unmet lender conditions can terminate the sale.
Closing Costs: Unexpected prorations or cure costs increase settlement amounts.

Real-World Examples of Online Execution and Closing

These customer snapshots show practical uses of online agreement workflows in real estate.

Martin Properties — Tim Martin

Company moved to electronic execution for offers and closing documents to speed transactions and maintain compliance.

  • Mobile signing and secure storage supported remote closings.
  • As a result, the brokerage processed documents online with consistent security controls, reducing in-person meetings and ensuring all parties, title, and lenders received certified copies promptly.

Optica Ventures — Brian Fitzgibbons

The team needed a simple signing experience for clients and vendor contracts.

  • They used standardized templates for offers and addenda.
  • The interface allowed agents and buyers to complete required fields quickly and return signed agreements with audit trails, improving turnaround and reducing manual follow-up.

Practical Tips for Accurate and Efficient Completion

Adopt consistent practices that reduce errors and speed lender and title review without sacrificing legal safeguards.

Use Exact Legal Names
Match names to government ID and title records; inconsistency can block recording and underwriting.
Set Clear Deadlines
Specify calendar dates and times for contingencies and closing to avoid disputes over elapsed periods.
Attach Required Exhibits
Include disclosures, HOA docs, and survey or plat exhibits in the executed package to prevent post-acceptance objections.
Keep Audit Trails
Preserve signed copies and certificates of completion showing timestamps, IP addresses, and signer authentication.

Security and Compliance Considerations for Signed Agreements

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest
Certifications: SOC 2 Type II and ISO 27001
HIPAA: HIPAA-compliant when BAA in place
ESIGN/UETA: Meets ESIGN and UETA legal standards
21 CFR Part 11: Supports compliance where required
Accessibility: WCAG 2.0 Level AA support

eSignature Vendor Comparison for Real Estate Documents

Comparison of common plan and capability criteria. signNow is listed first per vendor ordering rules.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No free trial No free trial Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No envelope cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently Asked Questions About Purchase Agreement Execution

Answers to common legal and practical questions about signing, notarization, and electronic execution.


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