REALTORS® have contacted LR to inquire about how to find the necessary information to complete the sample addendum as it applies to the Obtain and Maintain Insurance requirement when their sellers do not know the amount of FEMA aid received by previous owners of the property. In a State that sees flooding every year, and no region is safe from water intrusion, it is no surprise this is a wide-spread concern. A second addendum is being provided along with understanding the duty to notify.
Louisiana REALTORS® published an article about “Obtain and Maintain Insurance Requirements” that applies to homeowners that receive federal disaster assistance. This is an important requirement for both REALTORS® and consumers to be aware of because failure to follow the provisions set forth may result in being ineligible for future disaster assistance as well as the requirement to repay disaster relief funds recieved. REALTORS® are encouraged to use a Flood Insurance Purchase Requirement Addendum when the transaction includes a property that is subject to the “obtain and maintain” requirements.
Buyers are often impressed by a property's features such as solar panels or a large porch. The house or building may also have beautiful light fixtures, commercial appliances or an outdoor kitchen with a grill. Which items the Seller is intending to sell and which items the Buyer is intending to purchase with the property is often a source of dispute and has led to litigation post-closing between Buyers and Sellers. Component parts of a house or building are transferred with the property. But what are the component parts of a house or building?
Many homes and buildings are now equipped with video and audio surveillance. Property owners may have video and audio cameras at their front entrances. They may also have security cameras inside the building or home, or on the perimeter of the property. Read on about how this impacts real estate
LR has prepared a Legal Line article highlighting key changes to the Property Disclosure form as well as link to an article summarizing the legal case that gave rise to the changes to the form. In addition to these articles, you can access a clean copy of the new form and a “red-lined” version of the form so you can see what changes were made to the form.