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Archive for June, 2008

How to Purchase a Home in the State of Arkansas

Wednesday, June 11th, 2008

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.

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.