Arkansas Residential Purchase and Sale Agreement
An Arkansas residential purchase and sale agreement form is a legally binding document (contract) between the seller, the individual selling the property, and the buyer, who is the individual purchasing the property. This agreement form outlines the terms and conditions that both parties agree to adhere to until the sale is closed or the agreement form is terminated for a cause. The purchase and sale agreement form typically includes details such as the property’s price, the earnest money, financing options, property condition, disclosures (although none are required by Arkansas law), and any other relevant contingencies.
- Consideration – Exchange material, what you are offering and receiving.
- Warranty – A promise that the product will not fail immediately.
- Breach of Contract – This occurs when someone fails to fulfill a promise made in the agreement.
- Jurisdiction – Refers to the legal land where your agreement abides by the rules.
- Parties – The buyer and seller making the deal.
- Dispute Resolute – A more humane and decent way of handling any issues.
Lead-based Paint Disclosure Form – This disclosure is required if the property was built before 1978.
Source: § 4852d
Arkansas Association of Realtors
Arkansas Purchase and Sale Agreement Sample