An Arkansas residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Arkansas does not require real estate sellers to disclose material defects in a property. A few states, including Arkansas, hold to a “caveat emptor” (“may the buyer beware”) rule, where the buyer has full responsibility to investigate and resolve any issues with the property. This means even if the buyer doesn’t perform full due diligence, they don’t have the legal option to reverse a real estate transaction. For example, if the seller says the condition of the roof is fine to the best of their knowledge, and the buyer doesn’t perform a roof inspection, the buyer won’t be able to reverse the purchase if the roof later turns out to have structural issues.
The seller still must be honest in answering the buyer’s questions. Caveat emptor does not allow a seller to fraudulently conceal issues with a property.
Arkansas sellers must disclose any known defects with the property upon request. In addition, they must disclose the following, regardless of being asked: Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
How Do You Write a Real Estate Contract in Arkansas? When writing a real estate contract in Arkansas, you will want to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get out of a Real Estate Contract in Arkansas? In Arkansas, a buyer has the right to cancel a home solicitation contract within three days of signing the agreement. Cancellation occurs when the buyer provides a notice of cancellation to the seller (4-89-107). You may also get out of the contract when seller contingencies are not met. Read more » What Is the Effective Date of a Real Estate Contract in Arkansas? In Arkansas, the effective date of a real estate contract is the date the contract has been agreed to and executed by both parties. Once signed by both parties, the contract becomes legally binding for both the buyer and the seller. Read more » Can a Seller Cancel a Real Estate Contract in Arkansas? In Arkansas, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill out a Real Estate Contract in Arkansas? To fill out a real estate contract in Arkansas, first, download our customizable Arkansas real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »
