Fillable Form 1: DEPOSIT ADDENDUM TO LOUISIANA RESIDENTIAL AGREEMENT (Louisiana Real Estate Commission)

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Form 1: DEPOSIT ADDENDUM TO LOUISIANA RESIDENTIAL AGREEMENT (Louisiana Real Estate Commission)

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Louisiana Real Estate Commission (LREC) aim to regulate real estate affairs in the state of Louisiana. LREC help protect the public interest during activites including real estate transactions.

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1
Louisiana Administrative Code Title 46, Chapter LVXII, Section 2901.
DEPOSIT ADDENDUM
TO LOUISIANA RESIDENTIAL AGREEMENT TO BUY OR SELL
DEPOSIT
HELD BY BROKER
1
When a dispute exists in a real estate transaction regarding the ownership or entitlement to funds held in
a sales escrow checking account, the broker holding the funds is required to send written notice to all
parties and licensees involved in the transaction. Within 60 days of the scheduled closing date or
knowledge that a dispute exists, whichever occurs first, the broker shall do one of the following:
1. disburse the funds upon the written and mutual consent of all of the parties involved;
2. disburse the funds upon a reasonable interpretation of the contract that authorizes the broker to
hold the funds. Disbursement may not occur until 10 days after the broker has sent written notice
to all parties and licensees;
3. place the funds into the registry of any court of competent jurisdiction and proper venue through
a concursus proceeding;
4. disburse the funds upon the order of a court of competent jurisdiction;
5. disburse the funds in accordance with the Uniform Unclaimed Property Act of 1997 as set forth in
R.S. 9:151 et seq.
DEPOSIT HELD BY THIRD PARTY
These requirements do not apply when a dispute arises regarding the ownership or entitlement to a
Deposit held by a third party. The Louisiana Real Estate Commission may not have jurisdiction over those
third parties holding the funds.
___________________________________
Buyer’s Signature
___________________________________
Print Name
___________________________________
Date Time AM PM
___________________________________
Buyer’s Signature
____________________________________
Print Name
____________________________________
Date Time AM PM
____________________________________
Seller’s Signature
___________________________________
Print Name
___________________________________
Date Time AM PM
__________________________________
Seller’s Signature
__________________________________
Print Name
__________________________________
Date Time AM PM
Deposit held by: _____________________________________________________________________
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Form 1: DEPOSIT ADDENDUM TO LOUISIANA RESIDENTIAL AGREEMENT (Louisiana Real Estate Commission)

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Completed 20 July 2020

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