House Bill No. by Representative Carver aims to enhance property disclosure requirements for vacant residential properties in Louisiana. The bill amends existing laws to include definitions and obligations related to "vacant residential property," which is defined as land intended for residential use, potentially including uninhabitable structures or no improvements at all. The bill mandates that sellers of both residential and vacant properties complete a property disclosure document that outlines known defects and other relevant information. It also specifies the duties of real estate agents in informing buyers and sellers about their rights and responsibilities regarding these disclosures.

Additionally, the bill outlines the applicability of these disclosure requirements, including certain exemptions, such as transfers by mortgagees or properties intended for non-residential use. It establishes penalties for real estate licensees who fail to comply with the disclosure requirements, which could result in censure, suspension, or revocation of their licenses. The proposed changes will take effect on January 1, 2027, ensuring that both residential and vacant properties are subject to the same disclosure standards to protect buyers and promote transparency in real estate transactions.

Statutes affected:
HB1166 Original: 9:3196, 9:3197(A), 9:1(A), 9:3199(A), 37:1455(A)