Legal Question in Real Estate Law in Louisiana
real estate
I purchased a home from an owner/agent.I could not afford to pay the closing cost.To make the sell go forward the owner/agent loaned me the money for closing cost to buy his house.Is this legal in Louisiana?
2 Answers from Attorneys
Re: real estate
Why? Do you want to avoid paying them back?
Re: real estate
Dear LawGuru Friend,
I do not see anything wrong with an owner/agent's lending you the money to pay the closing cost to effect a sale of a piece of immovable property (real estate) from him or her to you, so long as the owner/agent has made full disclosure that he or she is indeed an owner/real estate agent. Furthermore, there is no rule that I have ever heard of that would make it illegal for even an owner/agent to lend the propective buyer the money with which to pay closing costs of a sale, even one in which the owner/agent is the seller. Best of luck to you, and I hope you like your new property!
Sincerely,
Hardy Parkerson, Atty.
Lake Charles, LA
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