The Arkansas purchase agreement is a legal document the parties, the seller and the buyer, use to outline the terms of the property sale. Parties can use it for real estate, motor vehicles, businesses, boats, RVs, firearms, or any other kind of property.
The parties should use the purchase agreement for any complex transaction where there are multiple factors that affect the property transfer. Also, it should be used for the ownership transfer of any property with a purchase price over $500.
Arkansas Purchase and Sale Agreement Form
The parties use the Arkansas purchase and sale agreement to provide all the details of their deal and prevent any misunderstandings and disputes in the future. Moreover, this document often outlines the preconditions that must be fulfilled before the parties can move forward and transfer property ownership.
It outlines the terms and conditions of the property transfer, like the purchase price, property description, information about the seller and buyer, and the terms and conditions of the property transfer.
Other Names for Arkansas Purchase Agreement
Arkansas sale and purchase agreement
Arkansas purchase and sale agreement
Arkansas sale and purchase contract
Arkansas purchase and sales contract
Regardless of their names, they all refer to the document that provides the terms and conditions for the property transfer in Arkansas.
Purchase Agreement Arkansas Laws & Requirements
The Arkansas legislation provides the legal framework for the sale and purchase of property as follows:
Laws & Requirements
Buyer Beware. Arkansas is one of the “caveat emptor,” or “let the buyer beware,” states. This means that the seller is not required to make any disclosures about the damages and issues with the property. The buyer is buying the property “as is.”
Agent’s Responsibilities. However, real estate agents have a higher level of responsibility in this regard. The Arkansas Real Estate Commission (AREC) provides that the agent must make reasonable efforts to determine the property’s condition. (AREC Regulations 10.6.)
Purchase Agreement Required Disclosures in Arkansas
When drafting the Arkansas purchase agreement form, you should include the following disclosures:
Lead-Based Paint Disclosure: 42 U.S. Code § 4852d provides the obligation of the seller to disclose any lead-based paint hazard to the buyer. This is mandatory for any property built before 1978 or where there is a known lead-based paint hazard.
Property Disclosure Form: The seller is always free to give the buyer the property disclosure and let them know about any flaws and problems with the property, even though state law does not require it.
Common Types of Purchase Agreements in Arkansas
Here, you can see the most commonly used purchase agreement templates in Arkansas:
Types of Purchase Agreements
Residential real estate purchase agreement. You can use this type of purchase agreement to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use it to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Known as the motor vehicle bill of sale. Used for outlining the terms of transferring the car, motorcycle, truck, and other kinds of motor vehicles.
Business purchase agreement. Used to provide terms for transferring the company from the seller to the buyer.
Land purchase agreement. You can use it to provide terms for selling and purchasing agricultural, residential, commercial, or other kinds of land in Arkansas.
Stock purchase agreement. This type of purchase agreement is used for selling stocks and shares in companies.
Purchase Agreement in Arkansas FAQ
Yes, a purchase agreement is a legally binding document in Arkansas. It becomes legally binding and enforceable once both the seller and buyer sign the document.
Yes, an Arkansas sales agreement needs to state the purchase price. The purchase price is an essential element of the Arkansas purchase agreement, and the document won’t produce any legal effects without it.
No, purchase and sales agreements in Arkansas don’t need to be notarized. This is due to the fact that the parties are not transferring any legal rights by signing this document.
Yes, the seller can back out of an Arkansas purchase agreement only if the buyer has not met the contingencies provided in the document.