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Real Estate Contract (Residential) Page 1 of 10 KELLER WILLIAMS REALTY OF NW ARKANSAS 2418 E. Joyce Blvd. Fayetteville, AR 72703 pH: (479) 442-4228 Fax: (479) 442-2022 Arkansas REALTORS Association
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How to fill out arkansas real estate contract
How to fill out arkansas real estate contract:
01
Start by identifying the parties involved in the contract, which typically include the buyer(s) and seller(s) of the property.
02
Include a detailed description of the property being sold, with information such as its address, legal description, and any included fixtures or personal property.
03
Specify the purchase price and financing terms of the transaction, including the amount of any earnest money deposit and the desired closing date.
04
Outline any contingencies or conditions that must be met for the contract to be binding, such as property inspections, financing approval, or the sale of another property.
05
Include any additional terms or clauses that are relevant to the specific transaction, such as seller financing, leaseback agreements, or home warranty provisions.
06
Carefully review the contract language to ensure it accurately reflects the intentions of both parties and seek legal advice if needed.
07
Once the contract is completed, all parties involved should sign and date the document, showing their agreement to its terms and conditions.
Who needs arkansas real estate contract:
01
Individuals or entities involved in a real estate transaction, such as buyers and sellers, require an Arkansas real estate contract.
02
Real estate agents or brokers facilitating the sale or purchase of a property should also use an Arkansas real estate contract to ensure a legally binding agreement.
03
Lenders or financial institutions providing financing for a real estate transaction may require a signed contract as part of their underwriting process.
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Instructions and Help about arkansas real estate contract forms
You're in the market to buy a new house, but you're still living in your current house So how do we make this transition as easy as possible Do you sell your first house and then scramble to find your next one Do you find a house to put an offer on and then hope you can sell the first house quickly enough to close on the second one First lets talk about contingencies are things you can't be sure will happen or not Usually they are events that are dependent upon another event happening or not happening So if X happens then Y happens However if X doesn't happen then doesn't happen either So when were talking about Real EstateContingencies were usually talking about the purchase or the sale of a property being contingent upon another event or condition There are a few of these that are already written in to the Arkansas Real Estate Contract such as the sale being contingent upon the property being able to pass an inspection and to be in a condition that is acceptable to the buyer Another contingency included in the Real EstateContract is that the sale may depend on the buyer being able to get financing And typically this is done through a lender which will request an appraisal to be done If the property doesn't appraise for the right amount the lender might not finance that deal Now other contingencies may be added to the contract but extra contingencies above and beyond what is already pre-written into the standard contract may weaken a buyers offer to purchase Lets look at the best case scenarios and then see what happens as we add contingencies and other options So the best case scenario is to Buy the 2ndhouse and then sell the first house Of course this means you've got to be able to qualify for and carry two notes at the same time at least until the first one sells But if this is an option for you, it puts you in a great position as a buyer and also as a seller You can take your time to make sure overbuying the house you really want without feeling rushed And then you can sell your 1st house without worrying about the transition because you've already got your next house lined up There are no contingencies involved so inputs you in a position of strength on both transactions Now the second best option after that would be to sell the first house and rent while you're looking for your next home This option keeps you in a strong positions a seller and a buyer and no contingencies are necessary just like if you were to buy first and then sell However the rent house may not be the ideal place to live for the few months you need it is may be hard to find a short-term rental, and you will probably need to put some things in storage While it has some temporary inconveniences this may actually be your best option particularly if you're moving to a new state or a Newark and need some time to find the right house to purchase Sometimes sellers want to wait until theyvefound their new house before they commit to selling their current house There is a...
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When is the deadline to file arkansas real estate contract in 2023?
The deadline to file Arkansas real estate contracts in 2023 is December 31, 2023.
What is the penalty for the late filing of arkansas real estate contract?
The penalty for late filing of an Arkansas real estate contract is a fine of up to $500 for each violation. The Arkansas Real Estate Commission may also take further disciplinary action, such as suspension or revocation of a real estate license.
What is arkansas real estate contract?
An Arkansas real estate contract refers to a legally binding document that outlines the terms and conditions of a real estate transaction in the state of Arkansas. This contract is typically signed by the buyer and seller of a property and contains details such as the purchase price, closing date, financing terms, contingencies, and any additional agreements made between the parties involved. The contract serves to protect the rights and interests of both buyers and sellers in a real estate transaction in Arkansas. It is important for both parties to carefully review and understand the terms of the contract before signing.
Who is required to file arkansas real estate contract?
In Arkansas, it is typically the responsibility of the real estate agent or broker to file the real estate contract. They are obligated to provide a copy of the executed contract to the Arkansas Real Estate Commission, as well as maintain a copy for their records. Additionally, the contract may also need to be filed with the county clerk's office where the property is located.
How to fill out arkansas real estate contract?
To fill out an Arkansas real estate contract, follow these steps:
1. Preparing the Contract: Gather all necessary information about the property and parties involved, including their full legal names, contact details, property address, sales price, and any specific terms or conditions.
2. Beginning of the Contract: Start the contract by clearly stating that it is a "Real Estate Contract" and mention the date of execution.
3. Parties: Identify the parties involved, typically referred to as the "Buyer" and "Seller." Include their legal names, addresses, and contact details.
4. Property Description: Provide a detailed description of the property being sold, including its address, legal description, and any relevant details such as zoning or acreage.
5. Purchase Price: State the agreed purchase price in both numeric and written formats. If there are any additional costs or credits, such as closing costs or repairs, detail them as well.
6. Earnest Money: Specify the amount of earnest money (down payment) the buyer will submit with the offer and how and where it will be held.
7. Financing: Describe the terms of any financing the buyer intends to obtain, including the type of loan, interest rate, loan approval timeline, and any contingencies related to financing requirements.
8. Contingencies: Outline any contingencies required for the sale, such as home inspections, property appraisals, and the timeframe for completion of these contingencies.
9. Disclosures: Include any legally required disclosures, such as lead-based paint or known property defects. Consult your local real estate laws to ensure compliance.
10. Closing Date: Specify the anticipated closing date or a range of dates during which the closing will occur. Add provisions for extensions if needed.
11. Closing Costs: Clearly state which party will be responsible for various closing costs, such as title insurance, taxes, transfer fees, and recording fees.
12. Signatures: Include spaces for the buyer, seller, and any required witnesses to sign and date the contract. Ensure that all signatures are notarized if necessary.
13. Review: Carefully review the contract for accuracy and clarity before signing. Seek legal advice if needed.
It's crucial to note that contract forms and requirements can vary, so consulting with a licensed real estate agent or attorney in Arkansas is recommended to ensure compliance with specific local regulations.
What is the purpose of arkansas real estate contract?
The purpose of the Arkansas real estate contract is to formalize and legally bind the agreement between a buyer and seller of real estate property in Arkansas. It outlines the terms and conditions of the sale, including the agreed-upon purchase price, closing date, financing arrangements, contingencies, disclosures, and other relevant details. The contract protects the rights and interests of both parties involved in the transaction, ensuring a clear and enforceable agreement.
What information must be reported on arkansas real estate contract?
There are several key pieces of information that must be reported on a real estate contract in Arkansas. These include:
1. Identification of the parties involved: The contract should include the full legal names and addresses of both the buyer(s) and seller(s) involved in the transaction.
2. Property description: The contract should provide a detailed description of the property being sold, including the address, legal description, and any other relevant details.
3. Purchase price and terms: The contract should state the agreed-upon purchase price for the property, as well as the terms of payment, including any down payment, financing, or contingencies.
4. Closing date and location: The contract should specify the expected date of closing, when the ownership of the property will transfer from the seller to the buyer, as well as the location of the closing.
5. Disclosures: Arkansas law requires certain disclosures to be made to the buyer regarding the condition of the property. These may include information about known defects, environmental hazards, zoning restrictions, or other relevant information that may affect the buyer's decision to purchase the property.
6. Contingencies: The contract may include contingencies that allow the buyer to back out of the transaction under certain conditions, such as the buyer's ability to secure financing or satisfactory completion of a home inspection.
7. Earnest money: The contract should specify the amount of earnest money, if any, that the buyer is depositing as a sign of their intent to purchase the property. It should also indicate the conditions under which the earnest money may be refunded or forfeited.
8. Brokerage representation: If real estate agents or brokers are involved in the transaction, their names and contact information, as well as brokerage details, should be included in the contract.
These are some of the key pieces of information that must be reported on an Arkansas real estate contract, but it is important to consult with a qualified professional or attorney for detailed guidance and to ensure compliance with local laws and regulations.
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