Understanding the Act of Cash Sale
Most legal methods of transferring ownership of a home from a seller to a buyer are in the form of an Act of Cash Sale. Among other things, the Act of Cash Sale list the parties, property legal description, purchase price, and whether there is a waiver of warranties.
Most sellers demand the buyer purchase the home “AS IS” without any warranties. A typical “AS IS” clause will state the buyer acknowledges and recognizes the home is being in an “as is” condition. The buyer also waives, relieves, and releases the seller from any claims or causes of action for rehibition pursuant to La. C.C. art. 2520, et seq. or for a reduction in the purchase price pursuant to La. C.C. art. 2541, et seq. In addition, the seller normally expects the buyer to acknowledge the sale is made without any warranty of fitness for ordinary or particular use pursuant to La. C.C. art. 2524. To be valid in Louisiana, an Act of Cash Sale must be signed by the seller, buyer, and two witnesses in front of a notary public.
Your attorney will review this document with you prior to signing.