The Arkansas residential purchase and sale agreement is a real estate contract between a buyer and a seller that enables the parties to outline their negotiations in a legally binding document. The document details the terms and conditions that both parties must agree to, including purchase price, earnest money, financing, agency disclosure, contingencies, and inspections.
Only when both parties are satisfied with the conditions can be the contract be signed by them and any agents involved in the transaction. The buyer will have until the closing date, which is when the seller will hand over the deed to the property, to complete the necessary inspections, get their financing in order, and perform any other due diligence required of them to execute the purchase.
Lead-Based Paint – If someone is selling a property that was built before the year 1978, they are required to provide potential buyers with this disclosure statement informing the buyer of the possibility of exposure to lead-based paint on the premises.
Property Disclosure Statement (Optional) – Although it may not be legally required, a seller’s disclosure statement will most likely be incorporated into a real estate transactions, especially if a realtor is involved.
Arkansas is known as a caveat emptor, or “let the buyer beware,” state. This means that the buyer is purchasing the property “as is” and it is not the responsibility of the seller to disclose any defects or issues. While the courts will enforce a caveat emptor clause in a real estate contract, a real estate agent is held to slightly higher standards than the seller. The Arkansas Real Estate Commission (AREC) states that the agent must make a reasonable effort to determine the condition of the property so that they may avoid intentional or negligent misrepresentation to potential buyers (AREC Regulations 10.6).