In this course, we will discuss the updates made to the Purchase Agreement. We will examine the updates made in 2017 as well as 2018, all of which are incorporated into the current Purchase Agreement. These changes are reflected in the document that became mandatory on January 1, 2019. The newly revised Purchase Agreement is included in your manual and may also be found here: https://lrec.gov/forms/mandatory-forms/ We will also examine in-depth the sections on Financing, Curative work, and Inspections. We will explore what is customary, what is required, and what actions may incur liability on the part of the Licensee. In conjunction with the examination of the Purchase Agreement, we will refer to and analyze the addenda, both mandatory and suggested, that may be used when filling out a Purchase Agreement. As a general rule, these addenda will be attached to the Purchase Agreement anytime the proposed transaction extends beyond the set parameters of the Purchase Agreement. For example, we will discuss matters that are not a part of the printed form and that should be articulated in the section entitled “Additional Terms and Conditions” found at lines 301-307 of the Purchase Agreement. A Licensee should strive to err on the side of overinclusion when filling out the Purchase Agreement. Finally, we will examine the new features associated with the updated MyLREC portal. For ease of comprehension, we will capitalize the words “Buyer,” “Seller,” “Property,” “Licensee,” and “Deposit.” References to gender are interchangeable.

This course conforms to the Louisiana Real Estate Commission guidelines that ALL active real estate licensees must complete 12 hours of approved continuing education coursework, including any LREC mandatory course topic(s), each year to be eligible to renew their license for the next year. The format for this 2019 course revolves around the latest LREC Mandatory Updates and topical variables related to many of the components pertaining to property management, personnel protocol, the use of technology in real estate vocations, and numerous legal and administrative compliance requirements.