Contracts
Under Arkansas's Statute of Frauds, real estate sales contracts must be:
AVerbal only
BIn writing to be enforceable✓ Correct
CNotarized to be valid
DFiled with AREC
Explanation
Arkansas's Statute of Frauds requires real estate contracts to be in writing to be enforceable in court. Oral agreements for the sale of real property are generally not enforceable.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA 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.
State-Specific Concepts
AREC Regulation
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