Arkansas Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement
About this form
The Contract for Sale and Purchase of Real Estate with No Broker is a legal document used in Arkansas to formalize the transfer of residential property without the involvement of a real estate broker. This form serves as a comprehensive agreement between a buyer and a seller, detailing the terms of the transaction. It is specifically designed for cash sales or transactions involving assumed loans or new financing, making it distinct from other real estate contracts that typically involve brokers or agents.
Form components explained
- Parties involved: Identifies the buyer and seller and their legal responsibilities.
- Property description: Clearly outlines the real estate subject to the transaction.
- Financing terms: Details payment methods, including cash sales and loan assumptions.
- Property condition: Specifies that the property is sold "as-is" without warranties.
- Default and remedies: Explains the actions available if either party fails to comply with the contract.
- Lead paint disclosure: Addresses obligations regarding known lead-based paint hazards.
When to use this document
This form is ideal for individuals or entities looking to buy or sell a residential property in Arkansas without involving a real estate broker. It is appropriate for cash transactions or cases where the buyer assumes an existing mortgage. Use this document when both parties are ready to agree on the sale terms and need a legally binding agreement to protect their interests.
Who should use this form
This form is suitable for:
- Homeowners selling their property without a real estate agent.
- Buyers interested in purchasing a home directly from the seller.
- Individuals looking to undertake a cash sale or assume an existing loan.
- Parties in residential real estate transactions in Arkansas.
How to prepare this document
- Identify the parties: Fill in the names and addresses of the buyer and seller.
- Specify the property: Provide a clear description of the property being sold.
- Enter financing details: Indicate whether the sale is cash or if a loan is being assumed.
- Agree on the closing date: Set a date for the closing of the sale and any contingencies.
- Sign and date the contract: Ensure both parties sign the document to make it legally binding.
Does this document require notarization?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Common mistakes to avoid
- Failing to provide accurate property descriptions.
- Neglecting to address financing contingencies, if applicable.
- Overlooking the need for lead-based paint disclosures.
- Not signing the contract in the presence of a witness or notary, if required.
Why use this form online
- Convenience: Easily download and complete the form from anywhere.
- Editability: Make any necessary changes to suit the specific details of your transaction.
- Reliability: Utilize a form drafted by licensed attorneys to ensure compliance with legal standards.
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FAQ
The Termite Inspection & Clearance This to make sure the house is free and clear of termites. If there is no evidence of termites, this is called having clearance and the lender will need to be provided with this information to satisfy the condition of the loan.
Yes. Since contract records are required to be maintained for a minimum of two years after expiration of the contract and five years after the initial treatment, all treatments must be disclosed. This includes contracts where no renewal fee was collected. Who can inspect for the WIIR?
Mortgage companies usually require that the home being purchased have a termite inspection. Arkansas is not an inspection only state, so if any statement as to the condition of the home involving termites must be guaranteed for one year.
As the seller, you should expect to pay for the termite inspection cost and Section 1 termite treatment. If you negotiate an offer that states you are not responsible for paying for Section 1 remediation, make sure the buyer tracks whether or not the bank requires a termite certificate.
If it is a supplemental report or re-inspection, we will require the original report to determine if all items have been addressed. A termite report is good 180 days from the report date on Conventional and USDA program and good for 90 days from the report date with the FHA & VA program.
If it is a supplemental report or re-inspection, we will require the original report to determine if all items have been addressed. A termite report is good 180 days from the report date on Conventional and USDA program and good for 90 days from the report date with the FHA & VA program.
Generally speaking, I would advise a client to go ahead and buy a house with some termite damage, but to use it to their advantage as a negotiating tool, he says.
Section 1 Clearance: A certification that is issued by a licensed inspector when ALL items highlighted in Section 1 have been remedied. This may include chemical treatment to exterminate pests, as well as replacing damaged wood caused by infestation and/or dry rot.
Section 1 Clearance: A certification that is issued by a licensed inspector when ALL items highlighted in Section 1 have been remedied. This may include chemical treatment to exterminate pests, as well as replacing damaged wood caused by infestation and/or dry rot.
