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Free Arkansas Residential Purchase Agreement Template

An Arkansas residential purchase agreement records the price and terms both parties accept for a home sale. Answer simple questions in our online form to create a customizable template fast.

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What Is an Arkansas Residential Purchase Agreement?

An Arkansas residential purchase agreement is the contract a buyer and seller sign once they agree on a home’s price and terms. It sets the path to closing, where the deed transfers the property and the state’s transfer tax comes due.

Arkansas Costs to Plan For

The cost almost every Arkansas sale shares is the state’s real property transfer tax. Your Arkansas residential purchase agreement is the natural place to decide how the parties handle it.

How the Tax Is Figured

The Arkansas Department of Finance and Administration (DFA) collects the tax on each deed or writing that conveys realty sold. Its rate is $3.30 per $1,000 of actual consideration, on transactions over $100 (Ark. Code Ann. § 26-60-101 et seq.). For example, a $250,000 sale comes to $825.

The tax also applies when ownership of mineral rights changes hands. Rates can change, so confirm the current figure with DFA before closing.

Fill Out the Affidavit of Compliance

DFA designs the Real Property Transfer Tax Affidavit of Compliance, and it publishes the current form on its website. The affidavit also serves as proof when a transfer qualifies for an exemption.

How Do You Pay the Arkansas Transfer Tax?

Through a Real Estate Transfer Document bought from DFA. The department’s Miscellaneous Tax Section issues it, and DFA publishes a stamp purchase form for ordering one.

You can fix mistakes. Found wrong transaction information on the document after buying it? Contact the Miscellaneous Tax Section to have a corrected stamp created. DFA also posts a Transfer Stamp Change Request form for this.

The Miscellaneous Tax Section sits at 1816 W. 7th Street in Little Rock, and you can reach it at 501-682-7187.

Settle the transfer tax split before anyone signs. It’s the one closing cost every taxable Arkansas sale shares, so leaving it out of the contract invites a last-minute dispute.

How to Close a Home Sale in Arkansas

Once you settle the terms, follow these steps.

  1. Get signatures. Both parties sign the Arkansas residential purchase agreement and keep copies.
  2. Decide who pays the tax. Put the split in writing so closing brings no surprises.
  3. Buy the transfer stamp. Order the Real Estate Transfer Document from DFA using its stamp purchase form.
  4. Fill in the Affidavit of Compliance. Complete it for a taxable sale, or use it to claim an exemption.
  5. Record the deed. File the deed with the stamp document and affidavit at the county office that records deeds.

What to Put in Your Agreement

Keep the contract specific. Include:

  • Full names of the buyer and seller
  • Street address and legal description of the home
  • Sale price, earnest money, and loan details
  • Who pays the transfer tax and other closing costs
  • Any inspection or appraisal conditions
  • Closing date and possession date