Contracts
In Louisiana, a purchase contract that includes a 'survey contingency' gives the buyer the right to:
AHave the property surveyed at the seller's expense
BReview a boundary survey and terminate the contract or renegotiate if the survey reveals boundary issues, encroachments, or discrepancies affecting the intended use✓ Correct
CDemand that the seller correct all boundary issues found
DRequire a government survey of the entire neighborhood
Explanation
A survey contingency allows the buyer to have a boundary survey performed and review the results. If the survey reveals problems (encroachments, boundary disputes, easements) that the buyer finds unacceptable, they may exercise the contingency to renegotiate or terminate the contract.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
EasementA non-possessory right to use another person's land for a specific purpose.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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