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Legal Issues
from House Sold News® |
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| Louisiana state
laws can be very different. . .how does this affect you? Read
our articles on agency, and on Louisiana's Napoleonic Code, and
a lighthearted view of land titles in Louisiana.
For specific advice on moving to
Louisiana, get the following email articles. Also visit our
ADVICE
page for many other informative email articles that you may
request.
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Agency Laws
Buyer's agent? Seller's agent?
What's the difference?
Simply put. . . think about your family attorney who can
advocate your side if you need to take legal action, or could
defend you if someone has made claims against you. Or that
attorney could mediate for both parties if they consent to such
an arrangement. Under Louisiana real estate agency laws, you
have the right to decide how your real estate professional works
with you.
I can be your Seller's agent if
you want to list your New Orleans home and I will represent your
best interests when advising about a realistic asking price &
promoting your house to the public and to all other agents. When
we get an offer from a buyer, I again advise you according to
what is in your best interests, given the current market
conditions. In fact, I have a list of 229 tasks I do for you
when we sign the listing brokerage contract.
I can be your Buyer's agent if
you want to buy a New Orleans home, and I will represent your
best interests in helping you keep one eye on finding a
wonderful home & the other eye on good value that will benefit
you when you resell. I guide & advise you through selection,
negotiation, inspection, etc. as detailed in our buyer brokerage
contract.
What is a Dual agent? In
Louisiana, that only occurs when a buyer, who has signed a buyer
brokerage contract with me, chooses to buy a house that is
listed with me. It does not occur when my buyer chooses to buy
the listing of another agent in my company, because Louisiana
practices designated agency; i.e., the broker of record
designates that the representation is provided to the client by
the individual agent that the client selected. Our older laws
used to view that all agency representation came from the broker
of record, even though the firm's hundreds of clients never even
meet the broker of record. This resulted in dual agency, because
Joe Salesman's seller & Mary Saleswoman's buyer had the same
legal agent - namely Bob Broker. But today with designated
agency, confidential information does not pass between Seller's
agent and Buyer's agent, and they each have separate counselors.
Louisiana no longer allows
Sub-agency. It used to be that, because the buyer's agent
received co-op fees from the listing commissions, they were
legally supposed to be representing the seller's best interest.
Not today.
For further
details, or sample agency contracts, Email:
the.dream.team@kw.com |
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Napoleonic Code |

"Sacre bleau, thanks to me,
the Americans will forever
need a passport if
moving to Louisiana!!!"
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BIENVENUE 'a LOUISIANE
By
Eileen C. Sykes
When
crossing the state line into Louisiana you have probably
noticed the sign "Bienvenue 'a Louisiane", which means
"Welcome to Louisiana", this should be your first clue
that you are coming to a state where things are done
just a little bit differently. The French established
the first settlement by the mouth of the Mississippi
River and named the territory of Louisiana for King
Louis XIV and his wife. After establishing himself as
the ruler of France, Napoleon combined all French civil
laws into one code, which was commonly referred to as
the Napoleonic Code. In 1803, the territory of Louisiana
was purchased by the United States from Napoleon and by
1808 the first Civil Code of Louisiana was enacted and
re-enacted in 1825 and 1870. The present code is
referred to as the Louisiana Civil Code of 1870, as
revised and amended and you will hear how people say our
laws are based on the Napoleonic Code. This article will
touch on only a few of the laws in Louisiana which may
differ from other states' laws. |
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The legal matrimonial regime
is a community of acquets and gains, in other words,
this is a community property state. Any property
purchased while living in the State of Louisiana is
considered a community asset, i.e. the husband and wife
each own an undivided one-half interest. In order for
the property not to be community property the husband
and/or wife can either acknowledge the property is the
separate asset of the acquiring spouse or record a
matrimonial agreement (which states they have a regime
of separate property) which was entered into before the
marriage or within the first year of moving into and
acquiring a domicile in this state. |
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Additionally, in Louisiana,
certain persons are forced heirs, which simply means
that these people must inherit when a person
dies. For years the law provided that all
children were the forced heirs of their parents,
regardless of whether or not the parents had a Will to
the contrary. In late 1995 this law was changed. Forced
heirs are children and/or other descendants who, at the
time of the death of the decedent, are twenty-three
years of age or younger or children of any age who,
because of mental incapacity or physical infirmity, are
permanently incapable of taking care of themselves. If
you do not have a Will, all property owned by the
decedent is inherited by his descendants. |
Lastly, Louisiana's State
Constitution provides for a homestead exemption of the first
$75,000.00 of value of real estate which is occupied as your
principal residence. The property is generally assessed for the
purchase price, if it recently sold, or its current fair market
value. The homestead exemption does not apply to city taxes.
When moving into a new state it is
always good to remember to talk with an attorney concerning the
laws of the state because you may be encountering laws which are
vastly different from the ones in the state you are leaving. You
should have an attorney review your Will and explain the
consequences of community property and matrimonial agreements.
Eileen Sykes is a member of the
Louisiana Bar Association, a Notary Public, and is certified by
the Louisiana Real Estate Commission as an instructor in pricing
and valuation, contracts and legal aspects, finance and
investment, and brokerage. |
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"We hope to God that
this satisfies the Washington Bureaucrats!"
(A lighthearted view of Louisiana land titles)
Some decades
ago, a New Orleans lawyer sought a direct Veterans
Administration loan for a client. He was to provide
proof of clear title to the property offered as
collateral. The title for the property in question was
complicated and he spent a considerable amount of time
reviewing all pertinent documents back to 1803.
Satisfied with the depth and expanse of his examination,
he submitted the information to the V.A.
He soon
received a reply from the V.A. "We received abstract of
title, but you have not cleared the title before the
year 1803. Therefore, it will be necessary that the
title be cleared to the original owner."
Annoyed, the
lawyer wrote the V.A. "Your letter regarding titles in
case #9378329 received. I note that you wish titles
extended further back than I have presented.
I was
unaware that any educated person would not know that the
United States gained clear title to Louisiana from
France in 1803. This title transfer was a result of a
real estate transaction known as The Louisiana Purchase.
France first
gained title to all the lands drained by the Mississippi
River, when claimed by De LaSalle in 1682, for his king,
Louis XIV.
The French
kings were ruling land reunited under Charlemagne, who
was crowned Emperor by Pope Leo III
Popes are
called to service by God; God created the world.
Therefore, I
believe that it is safe to presume that God created
title to that part of the world called Louisiana and
thus was the original holder of the property in
question.
Loan
granted. |
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