As Executive Director of AREC, there is barely a week in which I have not commissioned counsel Timothy W. Grooms of Quattlebaum, married, Tull and Burrow PLLC. I asked Tim to accompany me in the following discussion to address some of the real estate issues that have arisen in recent years that have affected consumers in Arkansas. Arkansas Residence Real Estate Sale and Contract Purchase Forms. The Arkansas purchase agreement, (s) disclosure (s) and additional sales forms were immediately downloaded and edited to your computer screen. AR housing contract selling kits for do-it-yourself and for sale by homeowners transactions. Answer – Tim Grooms: One of the most misunderstood concepts in real estate is «serious money» or a buyer`s deposit. Many people mistakenly think that a contract requires some kind of down payment on the buyer`s part – which is absolutely wrong. The Arkansas Kit purchase agreement includes the AR sale contract, real estate disclosures and additional property forms. By the name of the real estate company, it is easy to determine the identity of the main broker for each seller. However, the use of personal team names and logos, which are primarily used for marketing purposes, can sometimes complicate the burden on consumers. By quickly calling the real estate commission or checking the licensee on the www.arec.arkansas.gov Commission`s website, the consumer can determine who is the seller`s main broker. Please contact the Real Estate Commission at 501-683-8010 if you need more information.
First, let`s talk about this unusual complaint that shocked both of us and led the ARA to develop the termination form that real estate agents encourage consumers to sign after a real estate transaction has not been concluded. At law school, you are taught a few «magic» phrases with legal significance. The term «time is essential» fits this definition and aims to transform all contract schedules into «strict» deadlines. In the absence of the term «time is essential,» the dates in the contracts can be considered an «objective» and «appropriate compliance» is often sufficient. But perhaps we should all realize that judges are human beings and often face situations where the strict letter of the law would be very harsh. Each real estate company has a principal broker, which is usually responsible for all real estate transactions carried out by all other licensed brokers and sellers with their company. While major brokers can delegate some of this authority and responsibility to executive brokers within their companies, Principal Brokers cannot be freed from ultimate liability. As with other contracts, real estate contracts may be entered into by a party making an offer and by another party that accepts the offer.
To be enforceable, offers and assumptions must be written and signed by contractors. Thus, many real estate practitioners have simply given up serious money, because in the end it is useless for the seller and, in fact, often creates a problem for the seller and the holder of a real estate license that represents the seller, if the buyer does not agree to accept the return or forfeiture of serious money if a contract is legally to be considered terminated.