What You Need Before Filling Out the Form
Gather this information before starting the Arkansas residential real estate contract:
- Full legal names and current addresses of the buyer and the seller
- Legal description of the property (from the county assessor or a prior deed)
- Agreed purchase price and the amount of earnest money
- Target closing date
- Personal property included in the sale, such as appliances or fixtures
- Name of the lender and loan type if the buyer is financing the purchase
How to Complete the Arkansas Residential Real Estate Contract
- Identify the parties. Enter the full legal names and addresses of the buyer and the seller on the first page.
- Describe the property. Provide the physical street address and the legal description as it appears in the county records. Include the Arkansas county where the property is located.
- Enter the purchase price. State the total agreed price and specify the method of payment: cash, mortgage, or other financing.
- Add contingencies. Select applicable contingencies: financing approval, home inspection, appraisal, or sale of the buyer's current home. Set a deadline for each.
- Set the closing date. Agree on a target closing date and include terms for an extension if needed.
- Attach disclosures. The seller must attach the required Arkansas property condition disclosure. Reference the disclosure within the contract.
- Sign and date. Both the buyer and seller must sign and date the contract to make it legally binding. Each party should keep a signed copy.
Key Sections of the Contract
The 12-page Arkansas residential real estate contract covers these main areas:
- Purchase price and financing: States the total price and the buyer's financing method.
- Earnest money: Sets the deposit amount. In Arkansas, earnest money is typically held by the closing attorney or title company.
- Contingencies: Conditions for mortgage approval, property inspection, and appraisal that protect both the buyer and seller.
- Closing costs: Identifies which party pays for title insurance, recording fees, and other closing expenses.
- Possession date: States when the buyer takes possession of the property after closing.
For other Arkansas legal documents, see the Arkansas Small Estate Affidavit. For a more general residential purchase template, see the Real Estate Purchase Agreement. To compare contract formats across states, see the Texas Residential Contract.
Frequently Asked Questions
Is the Arkansas real estate contract legally binding without a real estate agent?
Yes. A signed contract between a buyer and seller is legally binding without an agent. Both parties should keep signed copies.
Does Arkansas require a specific contract form for residential real estate?
No specific form is mandated by state law. However, many transactions use the Arkansas Realtors Association standard contract. This form meets those requirements.
What happens if a contingency is not met?
If a contingency is not satisfied by its deadline, the contract can be cancelled and the buyer's earnest money is typically returned.
Can this form be used for a for-sale-by-owner transaction?
Yes. Buyers and sellers can use this form without a real estate agent, though consulting an attorney is recommended for complex transactions.