The Arkansas purchase agreement is a frequently executed legal document in the real estate industry. It requires that the seller and buyer come together to record the specific information regarding the sale of a residential property, such as the price of the home, contractual obligations, and date of closing. Once accomplished, the contract becomes legally binding and the transfer must occur in the manner described within the agreement.
Arkansas is known as a caveat emptor state, which literally translates to “let the buyer beware”. It is up to the buyer to inspect the home for any defects that they would like to address before purchasing the property as-is.
Seller Disclosure Form – There is technically no statute that coveys that sellers are obligated to disclose any material facts regarding the property being sold. That being said, it is considered commonplace for the seller to complete a disclosure form to appease the buyer.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – A federally enforced disclosure, this only applies to homes assembled prior to 1978. If the residence was built before this year, sellers are obligated to release a full report disclosing any known information regarding lead hazards that are present within the premises, as well as an educational handout that informs readers of the risks associated with the toxic substance.