Arkansas Real Estate Contract: Different Types and Key Terms to Include
Quick Facts — Real Estate Contract Lawyers
- Avg cost to draft a Real Estate Purchase Agreement: $860.00
- Avg cost to review a Real Estate Purchase Agreement: $600.00
- Lawyers available: 224 real estate lawyers
- Clients helped: 556 recent real estate contract projects
- Avg lawyer rating: 4.8 (48 reviews)
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:
- Legal purpose
- Legally competent parties
- A valid offer and acceptance
- 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:
- Securing financing
- Scheduling a home inspection
- Running a title search
- Sale of a prior home
- Obtaining homeowners insurance.
If the buyer fails to meet any of these contingencies, the seller can back out of the contract.
Frequently Asked Questions
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See Real Real Estate Purchase Agreement Projects
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Meet some of our Arkansas Real Estate Contract Lawyers
Michael C.
I offer top-tier legal expertise in startups, corporate governance, and general legal research. As a professor and published author, 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.
"Michael was fast, helpful, and delivered exactly what I asked for!"
October 1, 2023
Lynette P.
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).
October 30, 2023
James S.
https://www.linkedin.com/in/james-swindle/
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Create Real Estate Contract
"William was knowledgeable and helped us review disclosures and prepare our purchase documents, but communication and turnaround times were often frustrating. There were repeated delays during a time-sensitive real estate transaction. Ultimately, the experience did not feel as organized or responsive as we needed."
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Real estate home purchase contract review
"Ryenne was very prompt. thanks for your help Ryenne."
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"William is great to work with. He responsive with questions and changes needed for my contract. He works diligently to meet deadlines."
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Purchase Agreement Contract Review
"Anna C was an absolute pleasure to work with. She added language that protected us beyond what we could've imagined, was very responsive and so helpful. 10/10 recommend."
Reply From Anna C.
Thank you very much — I really appreciate the review and the opportunity to work with you on this transaction. I’m glad I was able to help strengthen the agreement in a way that gave you added protection and practical clarity. You were a pleasure to work with as well, and I truly appreciate the recommendation.
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Marcia is an experienced business litigation and transactional attorney providing general counsel to individuals and small businesses owners in transactions and business disputes. Marcia's law practice focuses primarily on commercial litigation and transactional law. She represents and defends individuals, partnerships, limited liability companies, corporations, and not-for-profit corporations in a variety of commercial and employment disputes including partnership disputes, shareholder disputes, member disputes, and contract disputes. Additionally, she advises clients on transactional matters including contract creation, review, and negotiation, real estate transactions, mergers and acquisitions, donations, corporate governance, municipal governance, policy formation, and various compliance issues.
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I graduated honors from the University of Iowa, University of Chicago and Brooklyn Law School. I’m an innovative corporate M&A attorney with 7 years of experience and a software developer experienced in front end development. A highly experienced and entrepreneurial lawyer, I work primarily with business owners and founders in connection with mergers and acquisitions, securities law and software contracts.
Beth M.
Highly skilled attorney with more than 12 years of experience in delivering ongoing support to an international organization, government organizations, law firms, and long-term healthcare facilities. Eager to leverage experience in negotiations, contracts, and strategic planning into a corporate attorney role with room for growth in the organization.
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
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
Real Estate
Real Estate Contract
New York
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.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
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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Home Purchase
Location: Florida
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 4
Bid Range: $500 - $1,050
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