Use of Federal Proprietary Purchase Agreements
At its June 20, 2019 meeting, the Louisiana Real Estate Commission approved a motion regarding the use of federal proprietary purchase agreements/contracts in place of the mandatory purchase agreement prescribed by the LREC. See below for the text of the adopted motion:
LREC will not censure, suspend, fine, or impose civil penalties or continuing education requirements on licensees pursuant to LA R.S. 37:1455 when not completing the purchase agreement form prescribed by the Louisiana Real Estate Commission as set forth in LA R.S. 37:1449.1 in making an offer to purchase or sell residential real property where Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), the United States Department of Agriculture Rural Development (USDA) or the United States Department of Agriculture Farm Service Agency (FSA) are sellers and require the use of proprietary purchase agreement or contract.