Property Management
A Louisiana property manager overseeing a mixed-use building must ensure that the property complies with:
AOnly residential building codes for all units
BApplicable commercial and residential building codes, fire codes, and ADA accessibility requirements for the respective portions✓ Correct
COnly state-level codes, not local parish ordinances
DBuilding codes adopted by the LREC
Explanation
A mixed-use building must comply with applicable building codes for each type of use — commercial sections must meet commercial codes, ADA accessibility requirements, and fire codes; residential sections must meet residential building codes. Both state and local parish regulations apply.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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