The Arkansas residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract that outlines the terms of a residential property deal between a buyer and a seller. It may only be used for residential properties where construction has been completed.
Required Seller Disclosures in Arkansas
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Arkansas, the buyer is responsible for determining if there are any issues with the property:
Buyer beware/Caveat emptor. Arkansas does not require the seller to make any property guarantees unless they know of an issue that could affect the buyer’s health or safety (this is not legally mandated). However, there are Arkansas Real Estate Commission (AREC) regulations regarding property defect disclosures.