A purchaser must engage a licensed realtor to purchase a home in the state of Arkansas. A good realtor will have access to a wide range of available homes to fit the purchaser’s budget. The Purchaser has a choice of homes if the realtor subscribes to National association of Realtors or the Arkansas Realtors Association. This is because the realtor who is a member of these associations has to swear by a code of ethics. Member realtors will have access to the MLS or Multi Listing Service, which is a large data base of available housing information in a shared facility by all association members. The purchaser can chose from a variety of houses and locations. The association also publishes market reports of different areas which will give the purchaser better information of the current real estate prices in different locations. Once the property is located the purchaser makes an offer to the seller called a purchase and sale agreement stating the price offered, the earnest money, the time schedule for the transaction, name of the escrow company and the inspections required. Once the seller accepts the offer, the seller and the purchaser will sign the agreement and make it a binding contract.

The purchaser should now engage a house inspection service and title search Company. The purchaser should engage a certified inspector to assess structural defects, pest control, plumbing, heating, ventilation insulation, drainage, lead paint usage, radiation problems and other environmental hazards. This is because there is no statute or regulation in the State of Arkansas that directs a seller to make a disclosure statement. An independent inspection service should be engaged by the purchaser if the realtor is also the realtor of the seller.

The purchaser should hire an attorney, a real estate title company or a trust and title company to scrutinize the title of the property and to check public and court records for possible encumbrances of the title of the property. The American Land Title association has a list of title search professionals for the purchaser’s reference. Encumbrances that affect the title of property in the State of Arkansas are easements and liens. Arkansas laws recognize implied easements of necessity. Other encumbrances are liens on the property arising out of unpaid mortgages, unpaid taxes assessments and unpaid mechanics or other workers, unpaid creditors and liens arising out of the sale of land on which the building has been erected. The purchaser should buy a title insurance to avoid the litigation costs in defending possible title claims that were not found during by the title search after the date of settlement.

In the State of Arkansas, all closing costs should be paid at the time of final purchase. The down payment, loan fees, title fees and escrow amounts should be paid by the purchaser at the closing. Mobile Notary Publics can be contacted to close the loan. The website of the American association of Notaries has a notary locator directory to help the purchaser find a notary in Arkansas. Notary Publics either assist simple witness closing or the mere work of witnessing and attesting to the signing of the documents or a full document service where the notary public explains all the documents to borrowers. However, in the State Of Arkansas Notary Publics must not be looked upon as substitutes for Attorneys nor should they be expected to do the work of attorneys. They are merely attesters of authenticity of a document and professionals who will explain documents to borrowers. The purchaser is required to show proof of a one year home owner’s insurance premium payment and a proof of identity at the closure when the deed is signed by both parties. When the Notary Public attests the signatures of the parties to the transaction, the seller hands the keys to the purchaser and the purchaser completes the purchase of a home in the State of Arkansas.