Arkansas Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is an Arkansas Real Estate Contract?

An Arkansas real estate contract is contract that is drafted when a buyer wants to make an offer on a property listed for sale. If the seller accepts the offer, both parties will sign the contract and create a legally binding agreement that will facilitate the transfer of property from party to the other.

Common Arkansas Real Estate Contracts

The most common real estate contract is a purchase agreement which is used when buying and selling a residential or commercial property. This agreement lays out details of the sale like property description, sale price, and closing date.

Other real estate contracts you may find in Arkansas include:

  • Real estate assignment contract. Used as a wholesale investment strategy and allows the buyer to assign the contract to a second buyer.
  • Lease agreement. Used when a property owner wants to rent the property to a tenant in exchange for a monthly rent.
  • Commercial purchase agreement. Used for the sale of commercial property that is zoned for running a business.

4 Essential Elements of an Arkansas Real Estate Contract

Four essential elements required under Arkansas real estate regulations to make a contract legally enforceable include:

  1. Legal purpose
  2. Legally competent parties
  3. A valid offer and acceptance
  4. Consideration

Can a Seller Back Out of a Real Estate Contract in Arkansas?

Yes. A seller in Arkansas can back out of a real estate contract under certain circumstances. Real estate contracts include contingencies that must be met by each party to complete the sale. Common contingencies that buyers must meet include:

If the buyer fails to meet any of these contingencies, the seller can back out of the contract.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Arkansas?

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I offer top-tier legal expertise in startups, corporate governance, and general legal research. As a professor and published author of research articles and conference presentations, I have established myself as a legal expert, writer, and scholar. My strong research skills and innovative thinking make me a highly capable business consultant, legal adviser, and copywriter. Currently licensed to practice in Minnesota and Arkansas. Recent freelance projects include business plans, contract drafting, legal advisory memoranda, due diligence, pre-trial motion practice, and discovery review.

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I am licensed in both Texas and Arkansas but actively working in Arkansas. My primary focus is criminal defense, family law, and estate planning (wills and trusts).

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Asked on Dec 26, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

Jane C.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

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