2026 Changes to Purchase Agreement and Property Disclosure

1. The lines for the “Listing Firm” and “Selling Firm” have been deleted.

NOTE: There are still lines for “Brokerage Name & License Number” for both agents/brokers involved in the transaction.

2. The lines next to the names and signature of the designated agent receiving the agreement indicating the “Day” have been deleted.

3. The Electronic Notice Authorization has been amended to more concisely state that (i) the Buyer authorizes his or her agent, along with the Seller’s agent, to send information via email; and (ii) the parties consent to the electronic transmission of documents. The substance of these provisions are not materially different, but they have been shortened.

Line 16 was revised to identify all “installed” hardware (as opposed to “associated” hardware) as being included within the property description. This was done to clarify that the hardware must be installed in some way, rather than anything that may be merely “associated” with a property.

Revised to more explicitly indicate (yes or no) whether Seller reserves mineral rights. The consequences to the Seller and Buyer resulting from the “yes” or “no” selection are then more clearly identified.

This section was relocated from Prior Version, p. 9, lines 358-368, to lines 55-64. 

Added lines 68-75 to indicate the a “cash buyer” must provide the seller with proof of funds and the types of documentation that will satisfy that requirement and includes a blank for the number of days to provide that documentation. Also, this section clarifies that the Seller can terminate the Agreement if Buyer fails to provide such documentation. This added section also grants Seller permission to contact the financial institution that issued such documentation.

Struck the language which stated that Buyer agrees to pay discount points not to exceed a specified percentage of the loan amount. If payment of discount points is required, that can be included in the “Other financing conditions” section. 

Removed the blank lines next to the different deposit types so that the dollar amount of the deposit is captured only one time.

Revised for minor grammatical edits.

Revised for minor grammatical edits and revised for updated line references within the section.

Option indicating “There is NO private water system(s) servicing only the primary residence” was relocated from the 4th to the 2nd provision within this section.

This section was relocated from Prior Version, p. 4, ll. 113-122 to lines 262-271. No substantive change.

This section was relocated from Prior Version, p. 7, ll. 269-280 to lines 290-299. No substantive change.

Revised for minor grammatical edits.

This section was added to indicate the amount that Seller will pay at closing toward the Buyer’s Broker’s compensation. This section further indicates that such payment will be disbursed from the Seller’s sale proceeds (not paid by the Seller’s Broker). Any party obligated to pay broker compensation shall provide additional funds at closing if the sale proceeds are insufficient to make such payment. This section clarifies provides that broker compensation is not set by law and is fully negotiable. Finally, this section also provides that the Buyer’s Broker shall not receive compensation, which exceeds the amount agreed upon in a buyer representation agreement required by Louisiana law.

Revised for minor grammatical edits related to citations to Louisiana legal sources.

Option for “Deposit Addendum” struck, but “Deposit Addendum” can still be used if desired.

These sections were relocated from Prior Version, p. 9, ll. 335-352 to lines 384 – 402, and links to sex offender registry and FEMA flood map were updated.

This section was relocated from Prior Version, p. 9, ll. 354-356 to lines 416 – 418.

The boxes next to “Date/Time” have been removed to indicate that the Date/Time can simply be inserted in the applicable line.

1. Opening paragraph was revised for minor grammatical edits related to citation to Louisiana legal sources.

2. Within the second paragraph, the parenthesis surrounding “despite any agreement to the contrary” was removed.

1. Struck opening paragraph (the language struck is captured within the opening paragraph of the Property Disclosure Document).

2. Struck the “Known defect” and “defect” definitions. The definitions are set forth in the “Key Definitions” section of the Property Disclosure Document.

3. Within question 1 of Section 1: Land, language was added to prompt the Seller to include the year the property was purchased. This will eliminate the need for seller to complete the document more than once solely because the length of ownership may have changed since the form was originally completed when the property was listed for sale. 

4. Within question 5 of Section 1: Land, a box was added that can be checked to indicate that additional information is attached to the form.

5. Within question 7 of Section 2: Termites, Wood-Destroying Insects and Organisms, a box was added that can be checked to indicate that additional information is attached to the form.

6. Within question 8 of Section 3: Structure(s), language was added to prompt the Seller to include the year(s) each structure was built. This will eliminate the need for seller to complete the document more than once solely because the age of structures may have changed since the form was originally completed when the property was listed for sale.

7. Within question 10 of Section 3: Structure(s), language was added to prompt the Seller to include the year(s) each roof was installed and/or replaced. This will eliminate the need for seller to complete the document more than once solely because the age of the roof may have changed since the form was originally completed when the property was listed for sale.

8. Within question 12 of Section 3: Structure(s), language was added to prompt the Seller to identify whether there has ever been insurance claim(s) related to the property, and if so, to include all known claims, losses, work history, and payment history.

9. Within question 12 of Section 3: Structure(s), the reference to the flood damage exclusion was changed to refer to Section 6 as opposed to Section 3. 

10. Within question 18 of Section 4: Plumbing, Water, Gas, and Sewage, language was added to prompt the Seller to identify the number of water heaters that exist on the property, and if known, the year and type of each water heater.

11. Within question 19 of Section 4: Plumbing, Water, Gas, and Sewage, a box was added that can be checked to indicate that additional information is attached to the form.

12. Question 22 of Section 5: Electrical, Heating and Cooling, Appliances, was revised to ask whether the Seller is aware of any defects with the fireplace(s), as opposed to asking whether a fireplace exists. The option to check “NK” was also struck since the seller is only completing form based on seller’s knowledge and is asked only about seller’s awareness of defects.

13. Within question 24 of Section 5: Electrical, Heating and Cooling, Appliances, a footnote was added to the “CO detector” line item to provide a reference to La. R.S. 40:1581, regarding smoke detector and carbon monoxide detector requirements. Subsections a) and b) were also revised to include whether the items mentioned in the section are being financed. Subsection b) was also revised to ask for the contact information of the applicable service provider. The financing question was added primarily to address solar panels and/or generators that may be subject to a purchase money security interest or other financing (including a lien), rather than a lease.  Finally, a box was added that can be checked to indicate that additional information is attached to the form.

14. Within question 37 of Section 6: Flood, Flood Assistance, and Flood Insurance, a box was added that can be checked to indicate that additional information is attached to the form.

15. Question 40 within Section 7: Miscellaneous, was revised to change “See attached disclosure” to “See attached historic disclosure.”

16. Within question 52 of Section 7: Miscellaneous, a box was added that can be checked to indicate that additional information is attached to the form.

1. Opening paragraph was revised for minor grammatical edits related to citation to Louisiana legal sources.

2. Beginning of document was revised to state that Seller shall notify all parties, in writing, immediately if any information set forth in the Property Disclosure Document becomes inaccurate, incorrect, or otherwise materially changes.