This is a generic form for the sale of residential real estate. Please check your state=s law regarding the sale of residential real estate to insure that no deletions or additions need to be made to the form. This form has a contingency that the Buyers= mortgage loan be approved. A possible cap is placed on the amount of closing costs that the Sellers will have to pay. Buyers represent that they have inspected and examined the property and all improvements and accept the property in its "as is" and present condition.
The Arkansas Agreement for the Sale and Purchase of Residential Real Estate is a legal document used in the state of Arkansas to formalize the transaction between a buyer and seller in the residential real estate market. This agreement outlines the terms and conditions under which the property will be bought and sold. Key elements of the Arkansas Agreement for the Sale and Purchase of Residential Real Estate include: 1. Parties: The agreement identifies the buyer and seller involved in the transaction, including their legal names and addresses. 2. Property Details: The agreement includes a description of the property being sold, including the address, legal description, and any unique features or amenities. 3. Purchase Price: The agreement specifies the agreed-upon purchase price for the property. This may also include terms related to earnest money deposits, financing arrangements, and any seller concessions. 4. Contingencies: The agreement can include contingency clauses, which may cover items such as home inspections, financing approval, and the sale of the buyer's existing property. 5. Closing Date and Possession: The agreement specifies the date on which the closing of the sale will take place, as well as the date when the buyer will take possession of the property. 6. Disclosures: The agreement may address any required disclosures, such as lead-based paint, environmental hazards, or other relevant information about the property. 7. Seller Representations: The seller typically provides representations regarding the property's condition, warranty of title, and any known defects or issues. 8. Closing Costs: The agreement may outline the allocation of closing costs between the buyer and seller, including fees for title insurance, attorney services, and any other relevant expenses. It is worth noting that there may be different versions or variations of the Arkansas Agreement for the Sale and Purchase of Residential Real Estate, depending on factors such as the specific jurisdiction, real estate agency, or attorney involved in the transaction. These differences could include additional clauses, modified terms, or specific requirements unique to certain types of properties or transactions, such as new construction homes, condominiums, or foreclosed properties.
