Arkansas Option to Purchase Vacant Real Property
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How to fill out Option To Purchase Vacant Real Property?
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FAQ
An option to purchase is an agreement that gives a potential buyer (optionee) the right, but not the obligation, to buy property in the future. The optionee must decide by a certain time whether to exercise the option and thereafter by bound under the contract to purchase.
The seller transfers the property deed to the buyer when land contracts are paid in full. They complete the process by filing the necessary legal documents with the County Clerk and Recorder's Office in which the property is situated. The County Clerk will record the new ownership information.
The advantages of a land contract to the buyer are that it provides an ownership interest in the real estate, which helps to quickly build equity in the property and good credit history. A major disadvantage is that the buyer is almost always responsible for structural and mechanical repairs to the house.
As a type of specialty home financing, a land contract is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
With the option-to-purchase route, the buyer pays the seller money for the exclusive right to purchase the property within a specified term (often six months to a year). The buyer and seller might agree to a purchase price at that time, or the buyer can agree to pay market value at the time their option is exercised.
The basics: What is an option contract in real estate? In the simplest terms, a real-estate option contract is a uniquely designed agreement that's strictly between the seller and the buyer. In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame.
An Arkansas land contract formalizes an agreement for the purchase and sale of vacant land. The terms between the parties are to be negotiated, written, and signed by the parties. Once signed, the due diligence period will begin and an earnest money deposit is commonly expected from the buyer.
With owner financing, the buyer and seller come to an agreement on the purchase price of the home and the terms of the loan. The home buyer will borrow the purchase price from the seller, then repay the money according to the terms that the buyer and seller have negotiated.
How to Buy Land in ArkansasDetermining Your Budget's Buying Power. Set your budget for the total project.Deciding on Type of Land. Evaluate the surrounding areas.Researching Zoning Compliance Regulations. Research the zoning of the land.Identifying a Property's Boundaries.Appraising and Estimating Costs.
The most significant disadvantage of a land contract is the amount of risk both parties take on.