Arkansas Real Estate Purchase Agreement Template

Arkansas is a “buyer beware” (caveat emptor) State, which means the seller is protected from the following disclosing the following:

• Non-Material Facts: If the property was subject to a homicide, suicide, felony, an occupant who had AIDS/HIV (disease not highly communicable through occupancy), or a felony (§ 17-10-101(5), AR Real Estate Commission)
• Right to Silence: The seller has the right to silence, but if directly asked about specific property details, they are no longer protected under buyer beware (Fennell v. Ross (1986)).

Exceptions

• New Construction: If the home is new construction (being purchased from the builder), the buyer has five years to recover damages from any building deficiencies (§ 16-56-112(a)).
• Real Estate Agents: A licensed real estate agent acting on behalf of a seller is required to share material facts about the property (§ 17-42-316(a)(2)(G)).
• Property Disclosure Statement: If the seller lies or misrepresents any details mentioned in writing, they are not protected under buyer beware (Stouffer v. Kralicek Realty Company (2005), Paul Riley v. Guy Hoisington and Kay Hoisington (2003)).

1.) Agency Disclosure Form: If at any time, a real estate agent is involved with either the buyer or seller, this form must be presented to each party to disclose their relationship in the transaction (§ 17-42-108, AREC Quick Reference Guide Section 8.1).

2.) Agricultural Operations Disclosure Notice: A closing agent must provide written disclosure if a property is:

• Located within or near a rural area; and
• Any nearby farms are legally protected and can’t be referred to as a nuisance as long as they use standard farming practices (§ 18-11-107(b)).

3.) Lead-Based Paint Disclosure: A federally required form that must be completed and signed by both parties if the structure was built before January 1, 1978 (42 U.S. Code § 4852d).

4.) Seller’s Property Disclosure Statement (Realtor Version): If a real estate agent is hired by the seller, a property disclosure statement is required to be completed and presented to a potential buyer (§ 17-42-316(a)(2)(G)).