§ 9:3196 — Definitions

Louisiana § 9:3196

• Jurisdiction: Louisiana
• Title 9: Civil Code-Ancillaries

Text

§3196. Definitions
As used in this Chapter, the following terms have the meanings hereinafter ascribed
to them:
(1) "Known defect" means a condition found within the property that was actually
known by the seller and that results in any of the following:
(a) Has a substantial adverse effect on the value of the property.
(b) Significantly impairs the health or safety of future occupants of the property.
(c) If not repaired, removed, or replaced, significantly shortens the expected normal
life of the property.
(2) "Property disclosure document" means a document in a form prescribed by the
Louisiana Real Estate Commission, or a form that contains at least the minimum language
prescribed by the commission, which is presented by the seller to the purchaser in the manner
set forth in R.S. 9:3198(B) and which discloses, at a minimum, known defects in the
residential real property.
(3) "Purchaser" means a transferee or prospective transferee in any of the types of
transactions described in R.S. 9:3197(A).
(4) "Real estate contract" means any written agreement, entered into prior to the
perfection of the contract of sale or contract to lease or otherwise with an option to purchase,
which relates to the sale, offer for sale, purchase, offer to purchase, lease with option to
purchase, offer to lease with option to purchase, any other option to purchase, or any other
offer which includes an option to purchase any residential real property or improvements
thereon.
(5) "Residential real property" means real property consisting of one or not more than
four residential dwelling units, which are buildings or structures each of which are occupied
or intended for occupancy as single family residences.
(6) "Seller" means an owner of residential real property, whether an individual,
partnership, corporation, or trust, who sells or attempts to sell residential real property in a
manner described in R.S. 9:3197(A).

Legislative History

Acts 2003, No. 308, §1, eff. June 13, 2003; Acts 2018, No. 559, §1.