Residential Agreement to Buy or Sell Class

Description

MODULE ONE: RESIDENTIAL AGREEMENT TO BUY OR SELL

1. Duty of Real Estate Agent Licensees to use Purchase Agreement Forms
2. The Information Area and Importance of the Offer and Acceptance Context

MODULE TWO: THE CONTACT – Part I

1. Broker’s Box
2. Line 3 – Date
3. Lines 5-9 – Property Description
4. Lines 10-22 – What is real estate (immovable property) what is not real estate (movable property)
5. Lines 23-28 – Removeable items
6. Initialing Lines
7. Lines 29-31 – Mineral Rights
8. Lines 33-35 – Price
9. Lines 37-41 – Act of Sale
10. Lines 43-44 – Occupancy
11. Lines 46-50 – Contingency for Sale of Buyer’s Other Property
12. Lines 52-54 – All Cash Sale
13. Lines 55-70 – Financed Sale
14. Lines 72-83 – Deals with Process of Loan Application
15. Lines 83-85 – Seller Financing
16. Lines 87-95 – Who Pays Costs
17. Lines 97-105 – Appraisal
18. Lines 107-113 – Deposit
19. Deposit Held by Third Party
20. Lines 114-119 – Failure to Deliver Deposit
21. Lines 121-146 – Return of Deposit
22. Lines 149-154 – Leases/Special Assessments

MODULE THREE: THE CONTRACT contd. – Part II

1. Lines 156-159 – New Home Construction
2. Lines 161-166 – Inspection and Due Diligence Period
3. Lines 167-200 – Inspection Process
4. Lines 202-211 – Private Water/Sewerage
5. Lines 213-221 – Home Service/Warranty
6. Lines 223-238 – Warranty or AS IS Clause with Waiver of Right of Rehibition
7. Lines 240-250 – Merchantable Title/Curative Work
8. Lines 252-256 – Final Walk Through
9. Lines 258-266 – Default of Agreement by Seller
10. Lines 268-276 – Default of Agreement by Buyer
11. Lines 278-281 – Mold Related Hazards Notice
12. Lines 283-288 – Offender Notifications
13. Lines 290-292 – Flood Hazard Information
14. Lines 294-295 – Choice of Law
15. Lines 297-299 – Deadlines
16. Lines 301-307 – Additional Terms and Conditions
17. Lines 309-326 – Roles of Brokers and Designated Agents
18. Lines 328-336 – List; Addenda
19. Lines 338-340 – Singular-Plural Use
20. Lines 342-346 – Acceptance
21. Lines 348-372 – Notices and Other Communication
22. Lines 374-376 – Contract
23. Lines 378-379 – Entire Agreement
24. Lines 381-384 – Expiration of Offer
25. Lines 386-391 – Signature Lines
26. Lines 393-399 – Acceptance / Rejection 49

Course Description

This course will provide the student with an understanding of the Louisiana residential real estate contract, as well as 2019 modifications and associated timelines.

Course Objectives

• Understand how to complete a Residential Agreement to Buy or Sell
• Understand the changes to the 2019 Louisiana Residential Agreement to Buy or Sell
• Understand timelines associated with the 2019 Residential Agreement to Buy or Sell

Course Materials

All materials needed for this course are included in this manual. Links to additional materials are included in the Sources section at the end of this manual.

Course Requirements

If this course if given in a live format, then you must be present for the full two hours of the course to receive credit for attending.

Vendor or School Policies
Pre-requisites

There are no educational pre-requisites for this course.

Registration

Registration for this course may be completed by phone, fax or email. Payment is due on or before the start of class. Any attempt to take this course under an assumed identity will forfeit your right to a certificate of completion and may result in sanctions by the Louisiana State Real Estate Commission.
You must complete a Student Identify Affidavit attesting that you completed this course yourself.

Attendance

You must be present for the entire two-hour session to receive credit for attendance. Partial credit is not given for partial attendance.

Course Participation

Instructors may not, in any venue, answer questions of a personal or legal nature, and students should not interpret any information received from instructors or course content as being legal advice.

Cell Phones

Please turn off all cell phones prior to the start of class.

Course Completion

If this course if given in a live format, creditor then you must be present for the full two hours of the course credit for attending. You must submit your Louisiana State real estate license number so that we can report your hours to the Louisiana Real Estate Commission.