Fillable ARKANSAS RESIDENTIAL PURCHASE AGREEMENT

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ARKANSAS RESIDENTIAL PURCHASE AGREEMENT

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Page 1

ARKANSAS RESIDENTIAL PURCHASE AGREEMENT

I. The Parties. This Real Estate Purchase Agreement (“Agreement”) made on

____________________, 20___ (“Effective Date”) between:

____________________ (“Buyer”) with a mailing address of ____________________,

City of ____________________, State of ____________________ who agrees to buy

AND

____________________ (“Seller”) with a mailing address of ____________________,

City of ____________________, State of ____________________, who agrees to sell

and convey real and personal property as described in Sections II & III. Buyer and Seller

shall be collectively known as the “Parties.”

II. Legal Description. The real property is a: (check one)

☐ - Single-Family Home

☐ - Condominium

☐ - Planned Unit Development (PUD)

☐ - Duplex

☐ - Triplex

☐ - Fourplex

☐ - Other: _______________________________________________________________

Street Address: ___________________________________________________________

Tax Parcel Information (i.e., “Parcel ID” or “Tax Map & Lot”): _______________________

Other Description: _________________________________________________________

III. Personal Property. In addition to the real property described in Section II, the Seller

shall include the following personal property: ___________________________________

_______________________________________________________________________

The real property and personal property shall be collectively known as the “Property”.

Page 2

IV. Earnest Money. After acceptance by all Parties, the Buyer agrees to make a payment

in the amount of $____________________ as consideration by ____________________,

20___ at ____:____ ☐ AM ☐ PM (“Earnest Money”). The Earnest Money shall be applied

to the Purchase Price at Closing and subject to the Buyer’s ability to perform under the

terms of this Agreement. Any Earnest Money accepted ☐ is ☐ is not required to be

placed in a separate trust or escrow account in accordance with State law.

V. Purchase Price and Terms. The Buyer agrees to purchase the Property by payment of

$____________________ (____________________ Dollars) as follows: (check one)

☐ - All Cash Offer. No loan or financing of any kind is required in order to purchase the

Property. Buyer shall provide Seller written third (3

) party documentation verifying

sufficient funds to close no later than ____________________, 20___ at ____:____ ☐ AM

☐ PM. Seller shall have three (3) business days after the receipt of such documentation to

notify Buyer, in writing, if the verification of funds is not acceptable. If Buyer fails to provide

such documentation, or if Seller finds such verification of funds is not acceptable, Seller

may terminate this Agreement. Failure of Seller to provide Buyer written notice of objection

to such verification shall be considered acceptance of verification of funds.

☐ - Bank Financing. The Buyer’s ability to purchase the Property is contingent upon the

Buyer’s ability to obtain financing under the following conditions: (check one)

☐ - Conventional Loan

☐ - FHA Loan (Attach Required Addendums)

☐ - VA Loan (Attach Required Addendums)

☐ - Other: __________________________________________________________

a.) In addition, Buyer agrees, within a reasonable time, to make a good faith loan

application with a credible financial institution;

b.) If Buyer does not reveal a fact of contingency to the lender and this purchase

does not record because of such nondisclosure after initial application, the

Buyer shall be in default;

c.) On or before ____________________, 20___, the Buyer will provide the Seller

a letter from a credible financial institution verifying a satisfactory credit report,

acceptable income, source of down payment, availability of funds to close, and

that the loan approval ☐ is ☐ is not contingent on the lease, sale, or recording

of another property;

d.) In the event the Buyer fails to produce the aforementioned letter or other

acceptable verification by the date above in Section V(c), this Agreement may

be terminated at the election of the Seller with written notice provided to the

Buyer within ____ days from the date in Section V(c);

e.) Buyer must obtain Seller’s approval, in writing, to any change to the letter

described in Section V(c) regarding the financial institution, type of financing, or

allocation of closing costs; and

f.) Buyer agrees to pay all fees and satisfy all conditions, in a timely manner,

required by the financial institution for processing of the loan application. Buyer

Page 3

agrees the interest rate offered by lender or the availability of any financing

program is not a contingency of this Agreement, so long as Buyer qualifies for

the financing herein agreed. Availability of any financing program may change at

any time. Any licensed real estate agent hired by either party is not responsible

for representations or guarantees as to the availability of any loans, project

and/or property approvals or interest rates.

☐ - Seller Financing. Seller agrees to provide financing to the Buyer under the following

terms and conditions:

a.) Loan Amount: $____________________

b.) Down Payment: $____________________

c.) Interest Rate (per annum): ____%

d.) Term: ____ ☐ Months ☐ Years

e.) Documents: The Buyer shall be required to produce documentation, as

required by the Seller, verifying the Buyer’s ability to purchase according to the

Purchase Price and the terms of the Seller Financing. Therefore, such Seller

Financing is contingent upon the Seller’s approval of the requested

documentation to be provided on or before ____________________, 20___.

The Seller shall have until ____________________, 20___ to approve the

Buyer's documentation. In the event Buyer fails to obtain Seller’s approval, this

Agreement shall be terminated with the Buyer’s Earnest Money being returned

within five (5) business days.

VI. Sale of Another Property. Buyer’s performance under this Agreement: (check one)

☐ - Shall not be contingent upon selling another property.

☐ - Shall be contingent upon selling another property with a mailing address of

___________________, City of ____________________, State of

____________________ within ____ days from the Effective Date.

VII. Closing Costs. The costs attributed to the Closing of the Property shall be the

responsibility of ☐ Buyer ☐ Seller ☐ Both Parties. The fees and costs related to the

Closing shall include but not be limited to a title search (including the abstract and any

owner’s title policy), preparation of the deed, transfer taxes, recording fees, and any other

costs by the title company that is in standard procedure with conducting the sale of a

property.

VIII. Funds at Closing. Buyer and Seller agree that before the recording can take place,

funds provided shall be in one (1) of the following forms: cash, interbank electronic

transfer, money order, certified check or cashier’s check drawn on a financial institution

located in the State, or any above combination that permits the Seller to convert the

deposit to cash no later than the next business day.

IX. Closing. This transaction shall be closed on ______________________, 20____ at

____:____ ☐ AM ☐ PM or earlier at the office of a title company to be agreed upon by

Page 4

the Parties (“Closing”). Any extension of the Closing must be agreed upon, in writing, by

Buyer and Seller. Real estate taxes, rents, dues, fees, and expenses relating to the

Property for the year in which the sale is closed shall be prorated as of the Closing.

Taxes due for prior years shall be paid by Seller.

X. Survey. Buyer may obtain a survey of the Property before the Closing to assure that

there are no defects, encroachments, overlaps, boundary line or acreage disputes, or

other such matters, that would be disclosed by a survey ("Survey Problems"). The cost of

the survey shall be paid by the Buyer. Not later than ____ business days prior to the

Closing, Buyer shall notify Seller of any Survey Problems which shall be deemed to be a

defect in the title to the Property. Seller shall be required to remedy such defects within

____ business days and prior to the Closing.

If Seller does not or cannot remedy any such defect(s), Buyer shall have the option of

canceling this Agreement, in which case the Earnest Money shall be returned to Buyer.

XI. Mineral Rights. It is agreed and understood that all rights under the soil, including but

not limited to water, gas, oil, and mineral rights shall be transferred by the Seller to the

Buyer at Closing.

XII. Title. Seller shall convey title to the property by warranty deed or equivalent. The

Property may be subject to restrictions contained on the plat, deed, covenants,

conditions, and restrictions, or other documents noted in a Title Search Report. Upon

execution of this Agreement by the Parties, Seller will, at the shared expense of both

Buyer and Seller, order a Title Search Report and have delivered to the Buyer.

Upon receipt of the Title Search Report, the Buyer shall have ____ business days to

notify the Seller, in writing, of any matters disclosed in the report which are unacceptable

to Buyer. Buyer’s failure to timely object to the report shall constitute acceptance of the

Title Search Report.

If any objections are made by Buyer regarding the Title Search Report, mortgage loan

inspection, or other information that discloses a material defect, the Seller shall have

____ business days from the date the objections were received to correct said matters. If

Seller does not remedy any defect discovered by the Title Search Report, Buyer shall

have the option of canceling this Agreement, in which case the Earnest Money shall be

returned to Buyer.

After Closing, Buyer shall receive an owner’s standard form policy of title insurance

insuring marketable title in the Property to Buyer in the amount of the Purchase Price, free

and clear of the objections and all other title exceptions agreed to be removed as part of

this transaction.

XIII. Property Condition. Seller agrees to maintain the Property in its current condition,

subject to ordinary wear and tear, from the time this Agreement comes into effect until the

Closing. Buyer recognizes that the Seller, along with any licensed real estate agent(s)

involved in this transaction, make no claims as to the validity of any property disclosure

information. Buyer is required to perform their own inspections, tests, and investigations to

Page 5

verify any information provided by the Seller. Afterward, the Buyer shall submit copies of

all tests and reports to the Seller at no cost.

Therefore, Buyer shall hold the right to hire licensed contractors, or other qualified

professionals, to further inspect and investigate the Property until

______________________, 20____ at ____:____ ☐ AM ☐ PM.

After all inspections are completed, Buyer shall have until ______________________,

20____ at ____:____ ☐ AM ☐ PM to present any new property disclosures to the Seller

in writing. The Buyer and Seller shall have ____ business days to reach an agreement

over any new property disclosures found by the Buyer. If the Parties cannot come to an

agreement, this Agreement shall be terminated with the Earnest Money being returned to

the Buyer.

If the Buyer fails to have the Property inspected or does not provide the Seller with

written notice of the new disclosures on the Property, in accordance with this Agreement,

Buyer hereby accepts the Property in its current condition and as described in any

disclosure forms presented by the Seller.

In the event improvements on the Property are destroyed, compromised, or materially

damaged prior to Closing, the Agreement may be terminated at Buyer’s option.

XIV. Seller’s Indemnification. Except as otherwise stated in this Agreement, after

recording, the Buyer shall accept the Property AS IS, WHERE IS, with all defects, latent

or otherwise. Neither Seller nor their licensed real estate agent(s) or any other agent(s)

of the Seller, shall be bound to any representation or warranty of any kind relating in any

way to the Property or its condition, quality or quantity, except as specifically set forth in

this Agreement or any property disclosure, which contains representations of the Seller

only, and which is based upon the best of the Seller’s personal knowledge.

XV. Appraisal. Buyer’s performance under this Agreement: (check one)

☐ - Shall not be contingent upon the appraisal of the Property being equal to or greater

than the agreed upon Purchase Price.

☐ - Shall be contingent upon the appraisal of the Property being equal to or greater than

the agreed upon Purchase Price. If the Property does not appraise to at least the amount

of the Purchase Price, or if the appraisal discovers lender-required repairs, the Parties

shall have ____ business days to re-negotiate this Agreement (“Negotiation Period”). In

such event the Parties cannot come to an agreement during the Negotiation Period, this

Agreement shall terminate with the Earnest Money being returned to the Buyer.

XVI. Required Documents. Prior to the Closing, the Parties agree to authorize all

necessary documents, in good faith, in order to record the transaction under the conditions

required by the recorder, title company, lender, or any other public or private entity.

Page 6

XVII. Termination. In the event this Agreement is terminated, as provided in this

Agreement, absent of default, any Earnest Money shall be returned to the Buyer, in-full,

within ____ business days with all parties being relieved of their obligations as set forth

herein.

XVIII. Sex Offenders. Section 2250 of Title 18, United States Code, makes it a federal

offense for sex offenders required to register pursuant to the Sex Offender Registration

and Notification Act (SORNA), to knowingly fail to register or update a registration as

required. State convicted sex offenders may also be prosecuted under this statute if the

sex offender knowingly fails to register or update a registration as required, and engages

in interstate travel, foreign travel, or enters, leaves, or resides on an Indian reservation.

A sex offender who fails to properly register may face fines and up to ten (10) years in

prison. Furthermore, if a sex offender knowingly fails to update or register as required and

commits a violent federal crime, he or she may face up to thirty (30) years in prison under

this statute. The Buyer may seek more information online by visiting

https://www.nsopw.gov/.

XIX. Time. Time is of the essence. All understandings between the Parties are

incorporated in this Agreement. Its terms are intended by the Parties as a final, complete

and exclusive expression of their Agreement with respect to its subject matter and they

may not be contradicted by evidence of any prior agreement or contemporaneous oral

agreement.

XX. Buyer’s Default. Seller’s remedies shall be limited to liquidated damages in the

amount of the Earnest Money set forth in Section IV. It is agreed that such payments and

things of value are liquidated damages and are Seller’s sole and only remedy for Buyer’s

failure to perform the obligations of this Agreement. The Parties agree that Seller’s actual

damages in the event of Buyer’s default would be difficult to measure, and the amount of

the liquidated damages herein provided for is a reasonable estimate of such damages.

XXI. Seller’s Default. Buyer may elect to treat this Agreement as cancelled, in which case

all Earnest Money paid by Buyer hereunder shall be returned and Buyer may recover such

damages as may be proper, or Buyer may elect to treat this Agreement as being in full

force and effect and Buyer shall have the right to specific performance or damages, or

both.

XXII. Earnest Money Dispute. Notwithstanding any termination of this Agreement, the

Parties agree that in the event of any controversy regarding the release of the Earnest

Money that the matter shall be submitted to mediation as provided in Section

XXIII.

XXIII. Dispute Resolution. Buyer and Seller agree to mediate any dispute or claim

arising out of this Agreement, or in any resulting transaction, before resorting to

arbitration or court action.

a.) Mediation. If a dispute arises, between or among the Parties, and it is not

resolved prior to or after recording, the Parties shall first proceed in good faith

Page 7

to submit the matter to mediation. Costs related to mediation shall be mutually

shared between or among the Parties. Unless otherwise agreed in mediation,

the Parties retain their rights to proceed to arbitration or litigation.

b.) Arbitration. The Parties agree that any dispute or claim in law or equity arising

between them out of this Agreement or any resulting transaction, which is not

settled through mediation, shall be decided by neutral, binding arbitration. The

arbitrator is required to be a retired judge or justice, or an attorney with at least

five (5) years of residential real estate law experience unless the Parties

mutually agree to a different arbitrator. Under arbitration, the Parties shall have

the right to discovery in accordance with Arkansas law. Judgment upon the

award of the arbitrator(s) may be entered into any court having jurisdiction.

Enforcement of this Agreement to arbitrate shall be governed by the Federal

Arbitration Act.

c.) Exclusions. The following matters shall be excluded from the mediation and

arbitration: (i) a judicial or non-judicial foreclosure or other action or proceeding

to enforce a deed, mortgage or installment land sale contract as defined in

accordance with Arkansas law; (ii) an unlawful detainer action, forcible entry

detainer, eviction action, or equivalent; (iii) the filing or enforcement of a

mechanic’s lien; and (iv) any matter that is within the jurisdiction of a probate,

small claims or bankruptcy court. The filing of a court action to enable the

recording of a notice of pending action, for order of attachment, receivership,

injunction, or other provisional remedies, shall not constitute a waiver or

violation of the mediation and arbitration provisions of this Section.

XXIV. Governing Law. This Agreement shall be interpreted in accordance with the laws

in the State of Arkansas.

XXV. Terms and Conditions of Offer. This is an offer to purchase the Property in

accordance with the above stated terms and conditions of this Agreement. If at least one,

but not all, of the Parties initial such pages, a counter offer is required until an agreement

is reached. Seller has the right to continue to offer the Property for sale and to accept

any other offer at any time prior to notification of acceptance. If this offer is accepted and

Buyer subsequently defaults, Buyer may be responsible for payment of licensed real

estate agent(s) compensation. This Agreement and any supplement, addendum or

modification, including any copy, may be signed in two or more counterparts, all of which

shall constitute one and the same writing.

XXVI. Binding Effect. This Agreement shall be for the benefit of, and be binding upon,

the Parties, their heirs, successors, legal representatives, and assigns, which therefore,

constitutes the entire agreement between the Parties. No modification of this Agreement

shall be binding unless signed by both Buyer and Seller.

XXVII. Severability. In the event any provision or part of this Agreement is found to be

invalid or unenforceable, only that particular provision or part so found, and not the entire

Agreement, will be inoperative.

XXVIII. Offer Expiration. This offer to purchase the Property as outlined in this

Agreement shall be deemed revoked and the Earnest Money shall be returned unless

Page 8

this Agreement is signed by Seller and a copy of this Agreement is personally given to

the Buyer by ______________________, 20____ at ____:____ ☐ AM ☐ PM.

XXIX. Acceptance. Seller warrants that Seller is the owner of the Property or has the

authority to execute this Agreement. Therefore, by the Seller’s authorization below,

he/she/they accepts the above offer and agrees to sell the Property on the above terms

and conditions and agrees to the agency relationships in accordance with any

agreement(s) made with licensed real estate agent(s). Seller has read and

acknowledges receipt of a copy of this Agreement and authorizes any licensed real

estate agent(s) to deliver a signed copy to the Buyer.

Delivery may be in any of the following: (i) hand delivery; (ii) email under the condition

that the party transmitting the email receives electronic confirmation that the email was

received to the intended recipient; and (iii) by facsimile to the other party or the other

party’s licensee, but only if the transmitting fax machine prints a confirmation that the

transmission was successful.

XXX. Licensed Real Estate Agent(s). If Buyer or Seller have hired the services of

licensed real estate agent(s) to perform representation on their behalf, he/she/they shall

be entitled to payment for their services as outlined in their separate written agreement.

XXXI. Disclosures. It is acknowledged by the Parties that: (check one)

☐ - There are no attached addendums or disclosures to this Agreement.

☐ - The following addendums or disclosures are attached to this Agreement:

☐ - Lead-Based Paint Disclosure Form

☐ - _________________________________________________________________

XXXII. Additional Terms and Conditions. _____________________________________

________________________________________________________________________

XXXIII. Entire Agreement. This Agreement together with any attached addendums or

disclosures shall supersede any and all other prior understandings and agreements,

either oral or in writing, between the parties with respect to the subject matter hereof and

shall constitute the sole and only agreements between the parties with respect to the

said Property. All prior negotiations and agreements between the parties with respect to

the Property hereof are merged into this Agreement. Each party to this Agreement

acknowledges that no representations, inducements, promises, or agreements, orally or

otherwise, have been made by any party or by anyone acting on behalf of any party,

which are not embodied in this Agreement and that any agreement, statement or

Page 9

promise that is not contained in this Agreement shall not be valid or binding or of any

force or effect.

XXXIV. Signature