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.
Do Sellers in Arkansas Have to Disclose Property Defects?
Arkansas does not require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Arkansas
Although with any material defects with the property, sellers in Arkansas will also need to provide the following:
Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.