Purchase Agreement and Property Disclosure Document Changes

Louisiana REALTORS® • December 6, 2023

Below are highlights of the changes to mandatory forms effective January 1, 2024.


Louisiana Residential Agreement to Buy or Sell: Specific Changes


  • A. Cover Page

    1. A box has been added for the agent to check if he/she is acting in a dual capacity representing both the buyer and the seller. 


    2. Note that if the agent is acting in a dual capacity, the agent will need to have all parties sign the mandatory Disclosure and Consent to Dual Agent Designated Agency form. 

  • B. Property Description

    1. Lines 18-20 are revised to clarify that the movable items listed are to remain on the property, transfer without warranty, are deemed to have no value, and are not considered part of the Sale Price. 

  • C. Deposit Held by Third Party

    1. Lines 110 through 124 and lines 132 through 136 of the 2022 Agreement remain the same in the 2024 Agreement (lines 124 through 142).


    2. However, there is no longer a place for buyers and sellers to sign within the 2024 Agreement when a deposit is held by a third party as the signature lines to the particular section were deemed superfluous. The parties signatures to the 2024 Agreement are deemed to include a signature to this section (and all other sections of the 2024 Agreement). 


    3. The 2022 Agreement states “I have read the attached addendum and acknowledge” (2022 Agreement, line 124) that the Broker is not required to disburse the security deposit when held by a third party. The phrase “I have read the attached addendum” does not appear in the 2024 agreement.


    4. Many brokers and title companies now have their own addendums that may have parties acknowledge more than the absence of the Broker’s responsibility to disburse a security deposit when it is held by a third party.

  • D. Prorations, Special Assessments, and Other Costs

    Most of the concepts in this section are the same in both the 2022 and 2024 Agreements, but there are some differences.  See below for a line-by-line explanation of these changes. 


    1. Assessments, special assessments, flood insurance, etc. are all still prorated through the date of the Act of Sale (2022 Agreement, lines 94-95; 2024 Agreement, lines 97-99).


    2. The 2024 Agreement still requires the Act of Sale costs, abstracting costs, title search, etc. to be paid by the Buyer (2022 Agreement, lines 95-96; 2024 Agreement lines 100-101), but change how the parties would agree to do otherwise.


              a. The 2022 Agreement provides the Buyer pays these costs “unless otherwise stated herein” (2022 Agreement, lines 96-97).


              b. The 2024 Agreement provides the Buyer pays these costs “unless otherwise expressly provided for by the parties pursuant to a written agreement” (2024 Agreement, line 101).  


              c. Therefore, any exceptions to the language requiring the Buyer to pay these costs may be in a separate document signed by both. If there is not a separate document signed by both Buyer and Seller, the Buyer cannot be cast with paying these specific costs. 


              It is recommended for the existence of any written agreement providing that someone other than the Buyer is paying these costs be noted under “Additional Terms and Conditions” (2024 Agreement, lines 359 through 368) or List of Addenda to be Attached and Made Part of this Agreement (2024 Agreement, lines 390-398).


    3. Necessary tax, mortgage, conveyance, release certificates, etc. are still paid by the Seller (2022 Agreement, lines 97-98; 2024 Agreement, lines 103-104).


    4. Lines 98-100 of the 2022 Agreement are combined in lines 104 through 106 of the 2024 Agreement, and the substance of the 2022 Agreement is carried forward into the 2024 Agreement.


              a. The 2022 Agreement requires the Seller to pay “previous years” taxes, assessments, dues, and makes no mention of the Buyer and Seller being able to agree otherwise (lines 98 and 99).


              b. The 2022 Agreement requires the Seller to pay special assessments bearing against the property prior to the Act of Sale but allows for the parties to agree otherwise (lines 99-100).


              c. The language in the 2024 Agreement clarifies the payment of taxes, assessments, HOA dues, etc. AND “special assessments” incurred prior to the Act of Sale or that bear against the property prior to the Act of Sale are to be paid by the Seller “unless otherwise expressly provided for by the parties pursuant to a written agreement” (lines 106-107). 


    5. NEW Requirements for notices and responses about “special assessments” within the “Leases” section of the 2022 Agreement (lines 165-168) were removed from the 2024 Agreement (lines 171-175).


              a. The 2022 Agreement requires the Seller to notify the Buyer of any unpaid “special assessments” and for the Buyer to notify the Seller if “they are acceptable” (2022 Agreement lines 165-166) and defines “special assessments” (2022 Agreement, lines 166-167; 2024 Agreement, lines 109-111).


              b. “Special assessments” is defined when used in the 2022 Leases Section, but not in the Prorations Section of the 2022 Agreement. 

     

              c. However, the 2022 Agreement imposes the responsibility to pay outstanding special assessments incurred prior to the Act of Sale (lines 99-100) whether the unpaid incurred special assessments are acceptable to the Buyer or not.  


              Therefore, with both the 2022 and 2024 Agreements, the Seller must notify the Buyer of unpaid incurred special assessments if the Seller does not intend to satisfy them prior to the Act of Sale so the parties can expressly provide otherwise pursuant to a written agreement.

  • E. New Home Construction

    1. This section does not appear in the 2024 Agreement because it is unnecessary as the contents of the section are addressed by the New Home Construction Addendum. 

  • F. DDI Period Activities

    1. The list of DDI period activities 2024 Agreement and 2022 Agreement are illustrative, but for clarification purposes, the permittance of conducting a survey was expressly added to the 2024 Agreement. 


    2. The 2024 Agreement requires the buyers’ signatures to be on the notice of deficiencies and desired remedies when it is submitted to the Seller – the 2022 Agreement did not require the buyers’ signatures on the notice.  The 2024 Agreement additionally clarifies this submission is to be one single and complete written list (line 220). 

  • G. List Addenda to be Attached and Made a Part of Agreement

    1. The FHA Amendatory Clause was removed because it is not a condition to the purchase agreement, but rather merely relates to the loan. 


Property Disclosure Document: Specific Changes 


  • A. Exempt Sellers Who Have Knowledge of Defect

    1. One - Claim an exemption and attest that he/she has no knowledge of known defects; 


    2. Two - Does not claim an exemption and agrees to fill out the disclosure; or


    3. NEW Three – Claims an exemption but because the Seller is aware of known defects, agrees to fill out the disclosure. 


    4. This is a material addition to the form.


              a. On and after January 1, 2024, even if the transaction would have otherwise been exempt from the disclosure requirements and the Seller has knowledge of a defect, the disclosure form or a form that contains at least the language in the disclosure form must now be filled out. 


              b. For example, if the property is being sold following death of the owner, and the succession executor knows of a material plumbing defect, the succession executor must now disclose the plumbing defect. 


              c. Likewise, when co-owners transfer a property between themselves, an exemption is usually claimed, and disclosures are typically not made.  But on and after January 1, 2024, if the home has, for example, a termite problem, and one co-owner is transferring the property to another, and is aware of the termite problem, the termite problem must be made known.


              d. If a Seller checks the new box #3, claiming an exemption, but declaring the Seller has knowledge of a defect, the Seller needs to identify which exemption he/she claims on Property Disclosure Exemption Form. Checking Box 3 does not dispense with the requirement to identify which exemption(s) Seller claims. 

  • B. Section 1 – Land

    1. Question 4 – The 2024 Disclosure requires Seller to make known if they are aware of rights vested in others because of leased land. This box would be checked if the property being sold has a lease on it whether it is a commercial, residential, hunting, mineral, or other type of lease. 

  • C. Section 4 – Plumbing, Water, Gas, and Sewage

    1. Questions 16, 17, and 18 –  Questions 16, 17, and 18 are revised to delete a reference to “known defects.” This change does not practically expand the scope of the response since a party is only required to disclose defects that are known, and since “known defects” and “defects” are defined the exact same way in the PDD. 

  • D. Section 5: Electrical, Heating and Cooling, Appliances

    1. Questions 18, 20, 21, and 23 –  Each of these are revised to ask “Are you aware of any defects” in lieu of the 2022 language “Are there any known defects.”  This change does not practically expand the scope of the response since a party is only required to disclose defects that are known, and since “known defects” and “defects” are defined the exact same way in the PDD.


    2. Question 24 is revised and, instead of only inquiring about different types of security systems (security alarms, fire, and audio/video surveillance) asks if any of the structures contain a security alarm, fire alarm, solar panels, audio/video surveillance, generator, smoke detectors or carbon monoxide (CO) detector. The question also asks if any of the devices are leased, and if so, the Seller must list the service provider. The 2024 revision adds solar panels, generators, smoke detectors and CO detectors 


              a. Because solar panels was added to the list in Question 24, Question 53 inquiring about solar panels is removed. 

  • E. Acknowledgment

    1. NEW The 2024 Disclosure expressly states that the Seller must provide immediate written notice if any information in the disclosure becomes inaccurate, incorrect, or otherwise materially changes. This is a material change and requires continuing disclosures to be made until the property is transferred. 

Louisiana Residents Encouraged to Use New LDI Tools to Prepare for Hurricane Season

By Louisiana REALTORS® • June 9, 2026
From the Louisiana Department of Insurance: During a press conference today with Governor Jeff Landry, Insurance Commissioner Tim Temple announced that registration for the next round of the Louisiana Fortify Homes Program (LFHP) will open at 8 a.m. on Monday, June 1, and will include 3,000 grants. The registration period for this lottery will be open for three weeks, closing at 5 p.m. on Friday, June 19.  During the press conference, Gov. Landry signed HB 1187 by Rep. Paul Sawyer, which will allow Louisiana Citizens Property Insurance Corporation to transfer $50 million in additional Katrina bond assessment funds to the LFHP. Combined with the $30 million in funding the program will receive through taxes and fees on insurance entities, the LFHP will receive a total of $80 million this year. “By lowering overall losses, we can reduce insurance and reinsurance costs, draw more insurers into the market, motivate existing companies to write additional policies and lower insurance premiums,” said Commissioner Temple. “That is exactly what the Louisiana Fortify Homes Program is designed to do.” The list of coastal parishes that are eligible to participate is expanding to include Acadia, Jefferson Davis and Lafayette parishes. Additionally, homeowners who live in the portions of Ascension, Calcasieu, Iberia, Livingston, St. Martin, St. Tammany, Tangipahoa and Vermilion parishes that were previously not included in the program will now be eligible to participate. A map showing the full list of eligible parishes is available on FortifyHomes.La.Gov . “Louisiana is the fastest growing state in the country for Fortified roofs, and that growth is not by accident—it is the result of strong support from Governor Landry and legislators like Chairman Talbot, Chairman Firment and Representative Sawyer, targeted program design, and a clear recognition that strengthening homes is one of the most effective ways to reduce insurance losses,” said Commissioner Temple. “At the end of the day, this program is about more than just roofs. It is about protecting families, it is about strengthening communities, and it is about putting Louisiana in a stronger position—both physically and economically—to face the challenges ahead.” To participate in the lottery, homeowners must register during the June registration period. Homeowners who registered for a previous round but were not selected must register again to participate. People who register on the last day of the registration period have the same chance of being selected as those who register on the first day, so there is no need to rush to register as soon as the period opens. When registering, homeowners will need to upload their homestead exemption, insurance policy declarations page that includes wind coverage, and flood insurance declarations page if the residence is in a flood zone. Homeowners who need assistance obtaining a copy of their homestead exemption should contact their parish tax assessor. Homeowners can contact their homeowners and flood insurance companies or agents for a copy of their policy declarations page. Homeowners are required to create a profile in the LFHP system before registering for the lottery and may do so by visiting the LFHP website and clicking the Login button. Homeowners who previously created a profile may use the same one for this and future rounds. Once the lottery registration period closes, the LFHP will randomly select 3,000 participants and send email notifications to registrants about whether they were selected to participate. These selection notices will be sent via email beginning on Monday, June 22. There are several program requirements that homeowners should be aware of before registering. Those interested in the program are encouraged to review eligibility information and frequently asked questions at FortifyHomes.La.Gov to determine whether their home meets the requirements for the program. If selected to participate in the grant program, homeowners will be financially responsible for having the home evaluated by a FORTIFIED-certified Evaluator as well as costs for the roof upgrade including permits, inspections and construction costs beyond the amount of the grant The LFHP provides grants of up to $10,000 for homeowners to upgrade their roofs to standards set by the Insurance Institute for Business & Home Safety. The program helps Louisiana homeowners strengthen their roofs to better withstand hurricane-force winds.
Educating prospective homebuyers on the true cost of owning a home

How to Talk to Clients About the True Costs of Homeownership in Louisiana

By Louisiana REALTORS® • June 9, 2026
Learn how real estate agents can educate buyers about Louisiana homeownership costs, including taxes, insurance, HOA fees, and maintenance.

2026 Legislative Session Scoop - Session Wrap-up

By Louisiana REALTORS® • June 5, 2026
The 2026 Regular Legislative Session has officially adjourned, and Louisiana REALTORS® closes the session with a strong record of legislative wins, defensive victories and meaningful progress on issues that directly impact property owners, homebuyers, housing providers and real estate professionals across Louisiana. This session touched nearly every major pressure point in the real estate market: insurance affordability, transaction transparency, appraisal certainty, leasing law, property taxes, blight redevelopment, litigation costs, consumer protection and private property rights. Louisiana REALTORS® successfully advanced several major policy priorities this session, including residential wholesaling reform, vacant residential land disclosure, appraisal certainty, security deposit reform, insurance mitigation funding and redevelopment tools for blighted property. At the same time, the association helped stop or reshape proposals that would have harmed housing supply, increased practitioners' liability, or created uncertainty for property owners and housing providers. Major Wins for You and Real Estate Residential Wholesaling Reform The signature victory of the session was HB 468 by Rep. Troy Hebert , Louisiana REALTORS®’ residential wholesaling reform bill. For years, residential wholesaling operated in a gray area of Louisiana law. HB 468 creates a clear statutory framework for residential wholesaling, strengthens consumer protection, increases transparency, and gives the Louisiana Real Estate Commission meaningful enforcement authority. The bill’s conference report passed unanimously in both chambers, with votes of 94-0 in the House and 35-0 in the Senate. This is a major structural reform for Louisiana real estate law. This bill will be state law effective August 1, 2026. Please note that the law does not affect any wholesale contracts between now and the effective date. Vacant Residential Land Disclosure HB 1166, by Rep. Kim Carver, passed the Legislature and has been sent to the Governor for his signature. The bill addresses disclosure gaps in vacant residential land transactions where buyers may discover late-stage issues involving access, utilities, drainage, flood risk, prior use or other material facts. HB 1166 creates a clearer process for buyers, sellers and real estate practitioners, and should help reduce failed transactions, disputes and closing-table surprises. As new industry forms and disclosures are developed, Louisiana REALTORS® will monitor the process closely and work to ensure the final requirements are practical, clear and consistent with sound industry practice. The Louisiana Real Estate Commission will complete the forms and disclosure process, with final implementation expected to be legally required for agents beginning January 1, 2027. Appraisal Liability Protections Louisiana REALTORS® secured two important appraisal-related wins. HB 1027 also by Rep. Troy Hebert , signed as Act No. 187 , clarifies that appraisers should not be held liable for compliance with obligations that belong to other parties in the transaction. HB 300 by Rep. Neil Riser , signed as Act No. 149 , addresses appraisal thresholds for bank-owned property. Together, these measures support greater transaction certainty and fairness in the appraisal process. The pair of these measures will take effect as law on August 1, 2026. Housing & Market Stability Security Deposit Reform HB 292, by Rep. Delisha Boyd and signed by Governor Landry as Act No. 63 , creates a more workable process for addressing damage discovered at the end of a lease and provides greater flexibility through written agreements regarding security deposit timelines. The measure offers practical clarity for housing providers, tenants and property managers when property damage is identified after move-out, allowing additional time to assess damage, obtain repair estimates and document costs before final security deposit accounting is completed. By creating a clearer statutory framework, the law helps reduce disputes and ensures that both landlords and tenants have a better understanding of their rights and responsibilities. Property managers can mark August 1, 2026, on their calendars, as that is the effective date for this legislation. Protections for Victims & Landlords HB 297, by Rep. Mandie Landry and signed by Governor Landry as Act No. 64 , expands Louisiana's early lease-termination protections to include victims of stalking and cyberstalking. The law recognizes that personal safety may require a tenant to leave a residence before the end of a lease term. To exercise these protections, a tenant must provide documentation from a qualified third party or other authorized evidence demonstrating that they are a victim of stalking or cyberstalking and that continued occupancy would present a safety concern. The measure also clarifies and expands who may serve as a qualified third party for purposes of supporting a tenant's request. These changes will take effect into law on August 1, 2026. Insurance Affordability and Mitigation Insurance affordability remained one of the most significant issues facing Louisiana homeowners and the real estate market. HB 1187 by Rep. Paul Sawyer , signed by Governor Landry as Act No. 416 , transfers an additional $50 million in Katrina bond assessment funds to the Louisiana Fortify Homes Program. Combined with other insurance-related funding, the program reaches approximately $80 million for the year. The Fortify Homes Program remains one of Louisiana’s most direct tools for reducing property risk, strengthening homes, improving market stability, and placing downward pressure on insurance costs over time. Several additional insurance measures did not reach final passage, including legislation on fortified roof endorsements, nonrenewal protections for homeowners who mitigate risk, and a pre-suit review process for residential property insurance disputes. These remain important long-term priorities. This became law and took effect upon the Governor’s signature. Blight, Redevelopment, and Property Taxes Louisiana REALTORS® supported policies this session aimed at returning neglected property to productive use and strengthening property-tax fairness. HB 214 by Rep. Chance Henry , now Act No. 272 with Governor Landry’s signature, will appear on the ballot as a constitutional amendment authorizing an optional property tax exemption for rehabilitated blighted or derelict property. HB 217, also by Rep. Chance Henry , is the enabling legislation for HB 214 and has received the Governor’s signature, becoming Act No. 422. Together, these measures would give local governments another tool to encourage private investment, neighborhood revitalization, and redevelopment. SB 180 , now Act No. 39 , will also appear on the ballot. The measure allows the surviving spouse of a deceased veteran with a service-connected disability to transfer an expanded property tax exemption. This is both a property-tax fairness measure and a homeownership stability measure for Louisiana veterans’ families. If passed in the fall election, the measures would take effect on January 1, 2027, as well as SB 180. Defensive Victories Some of the most important wins in this session came from stopping harmful legislation before it became law. Rent Stabilization Stopped Twice HB 472 by Rep. Alonzo Knox , the rent price control bill, was stopped after being involuntarily deferred. Louisiana REALTORS® opposed the bill and provided testimony in committee because rent-control policies can discourage investment, reduce housing supply, create uncertainty for housing providers and ultimately worsen affordability challenges. Knox brought the bill to the House Committee on Municipal, Local and Parochial Affairs twice due to the opposing testimony of our organization and opposition from the Home Builders Association and the Louisiana Apartment Association. Hidden Fees Bill Reshaped Yet Still Thwarted HB 617 by Rep. Mandie Landry , the hidden fees bill, raised concerns because it could have imposed liability on real estate professionals for fees they do not control, including those set by lenders, title companies, insurers, government entities and other third parties. Louisiana REALTORS® successfully negotiated a House-side amendment exempting real estate transactions from the bill’s scope. The bill later died in the Senate Commerce Committee. It is worth noting that the author agreed to include us in an amendment by Rep. Troy Hebert from the House floor, exempting real estate transactions. Automatic Renewal Bill Monitored HB 750, by Rep. Vincent Cox, addressing automatic renewal provisions, was closely monitored by Louisiana REALTORS® to ensure the legislation did not unintentionally apply to residential or commercial leases, property management agreements, association operations, nonprofit activities or standard real estate practices. Those concerns were successfully addressed through a Louisiana REALTORS® amendment offered by Senator Pressly during Senate consideration. When the bill returned to the House, Rep. Cox accepted the amendment and supported concurrence, preserving the bill's consumer protection goals while ensuring Louisiana's real estate industry, housing providers, associations and nonprofits were not subjected to unintended regulatory burdens . Missed Opportunities Two broader legal reform measures passed the House but stalled in the Senate Judiciary A Committee. HB 437, by Rep. Michael Melerine, addressing expert witness fees, and HB 1089, by Rep. Dennis Bamburg, establishing CARE Accounts, both reflected broader efforts to reduce litigation costs, improve Louisiana’s legal climate, and address cost drivers affecting insurance affordability and business competitiveness. Their failure to reach final passage was a missed opportunity, but the issues remain central to Louisiana’s long-term affordability conversation. Louisiana REALTORS® will continue to monitor these proposals and hope to see similar reforms return next session with a different outcome. What Comes Next The end of the session does not end the work. Louisiana REALTORS® will now turn to implementation, member education, ballot engagement and preparation for the next legislative cycle by directly engaging you, the driving force behind all of our efforts. The issues that shaped this session — housing affordability, insurance availability, redevelopment, legal costs, and private property rights — are not going away. Neither are we. Louisiana REALTORS® remain committed to serving as a consistent, credible and effective voice for property owners, homebuyers, housing providers and real estate professionals across Louisiana. Thank You As the Legislature adjourns, Louisiana REALTORS® expresses sincere appreciation to the leadership, members, public officials and advocacy partners who helped make this a productive and successful session for the real estate industry and property owners across Louisiana. We are especially grateful to Louisiana REALTORS® President Ginger Maulden, President-Elect David Favret, Treasurer Misty Ingersoll, Legislative Committee Director Keary Coffin, Outside General Counsel Eric Landry, LARPAC Chairwoman Marsha McGraw-Barbera, the Louisiana Real Estate Commission Commissioners and Executive Team, and the members of the Louisiana REALTORS® Legislative Committee for their leadership, guidance, resources and engagement throughout the session. We also extend a special thank you to those who attended this session’s REALTOR® Day and helped strengthen our presence at the Capitol. Your participation amplified our ability to advocate with one united voice when it mattered most. We further extend our appreciation to the legislators and partners who worked alongside us this session, including Rep. Troy Hebert, Rep. Kim Carver, House Commerce Chairman Daryl Deshotel, Rep. Delisha Boyd, Rep. Stephanie Hilferty, Rep. John Wyble, Sen. Beth Mizell, Sen. Greg Miller, Speaker Phillip DeVillier, Senate President Cameron Henry and Governor Jeff Landry for their leadership, accessibility and commitment to addressing issues impacting housing, property rights, insurance affordability, redevelopment and Louisiana’s economic future. Strong policy outcomes are only possible through collaboration, professionalism and sustained engagement. Louisiana REALTORS® remains grateful for the relationships and partnerships that helped move meaningful legislation across the finish line this year. Please view the session wrap-up tracking report provided by our lobbying team over at Harris, DeVille and Associates.
Show More