Contracts
Under Arkansas's Statute of Frauds, real estate purchase contracts must be:
AWitnessed by a notary public
BIn writing and signed by the parties to be bound✓ Correct
CApproved by AREC before becoming binding
DFiled with the county recorder within 30 days
Explanation
The Statute of Frauds requires real estate contracts to be in writing and signed by the parties to be enforceable. Oral real estate contracts are not enforceable in Arkansas.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
State-Specific Concepts
AREC Regulation
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