This form is a Contract for the sale of real estate for use in Arkansas. It can be used for a cash sale, assumption or new loan buyer. The contract contains provisions common to a real estate transaction. No broker involved.
Arkansas Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement
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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.
