What must be declared in Declaration 3?

In the context of Louisiana real estate, Declaration 3 refers to the requirement to disclose important information about the property involved in a transaction. Specifically, the ownership of the property must be declared. This is crucial because establishing ownership helps ensure that the buyer is dealing with the rightful owner and that there are no disputes over property rights. Clear ownership disclosure also assists in the due diligence process for potential buyers, allowing them to verify that the seller has the legal authority to sell the property.

While interior finishes, changes in property dimensions, and specific design features may also be relevant to buyers, they are typically covered in other disclosures or listings rather than in Declaration 3, which focuses primarily on ownership rights. This ensures that all parties involved in the transaction are clear on who holds legal title to the property from the outset, thereby minimizing potential legal issues later on.