An Arkansas property disclosure statement is a document used in a real estate transaction to provide information from the seller to the buyer concerning the residential property being sold. This disclosure statement informs the buyer about any material defects or issues, as well as pertinent information about the structure of the property, utilities, and zoning information.
Since Arkansas is a caveat emptor state, the law doesn’t specifically require sellers to deliver this form to prospective buyers. However, if the seller is working with a real estate agent, the agent is bound by Arkansas Real Estate Commission regulations to “exert reasonable efforts to ascertain those facts which are material to the value or desirability” of the property they are selling (AREC 10.6).
Purchase Agreement – This purchase and sale agreement is used to define the terms and conditions of a real estate transaction between a seller and a buyer.