HomeMy WebLinkAboutReal Estate Contract 011824Real Estate Contract ��� Copyright2023
-<>RPMLots and Acreage) L-J i ALTORrkansa'
�GRG11P= ® REAL'rdRS
Page 1 of 17 ftEAL7p1tC o P R"rv'"':"�° Association
Form Serial Number: 047738-000169-9301780
1. PARTIES: BFE Investments LLC andlor Assigns
(individually, or collectively, the "Buyer")
offers to purchase, subject to the terms and conditions set forth herein, from the undersigned (individually
or collectively, the "Seller') the real property described in Paragraph 2 of this Real Estate Contract (the
„Property").
2. ADDRESS AND LEGAL DESCRIPTION: Buyer is not relying on Seller, Listing Firm or Selling Firm
regarding location of the Property, Buyer having sole responsibility to engage surveyors, engineers,
attorneys or other professionals to determine the location, size, slope and boundaries of the Property. If
Buyer is dissatisfied with the results of such determination, Buyer, without further obligation, may declare
this Real Estate Contract terminated with both parties agreeing to sign a Termination of Contract Addendum
and Buyer to recover Earnest Money.
A. ADDRESS: 8707 Mabelvale Pike, Little Rock Arkansas
B. FULL LEGAL DESCRIPTION: Pulaski County parcel # 44L-195 00-043.00 consisting of
approximately 2.48 acres of raw land. Due to Exhibit "A", a more detailed legal description
and survey to be provided by Seller for the certification, use and benefit of Seller, Buyer, an
lender, title insurer and any real estate agent.
3. PURCHASE PRICE: Subject to the following conditions Buyer shall pay the following to Seller for the
Property (the "Purchase Price"): (select one of the following four options)
❑x total purchase price................................................................................................... $
or;
❑ price per acre, .......... ...............................
or;
❑ price per square foot, ................................
or;
❑ price per front foot .......................................
❑ A. PURCHASE PURSUANT TO NEW FINANCING: Subject to Buyer's ability to obtain financing on the terms and
conditions set forth herein and the Property appraising for not less than the Purchase Price,
Down payment, loan amount, interest rate and other terms of financing to be negotiated between Buyer and creditor.
❑ OTHER: Subject to Buyer's ability to obtain financing as follows-
0 B. PURCHASE PURSUANT" TO CASH:
Buyer and Seiler will each independently verify quantifies as set forth above and agree neither are relying upon
a representation from Selling Firm or Listing Firm concerning quantities of land or front feet.
Pagel or 11
SerWt 04773"0016M3017W �' Form
Prepared by Mark R ng n I APr t Group I mbb7n3ft@ ffMWtY.rom I !Q 5irnPIidty
oWcwwp-_&SwwdugmgSi;r-rscaonso:re�asrssgsrissawno-anl5acaae]Se
Real Estate Contract
(Lots and Acreage)
Page 2 of 11
Form Serial Number:
04773 8- 00 0169 -9 3 0178 0
4. AGENCY: (check all that apply)
Copyright
2023
® i
Arkansas
R ER LTQR� aeP DnT usjwr
REALTORST-
Association
❑ A. LISTING FIRM AND SELLING FIRM REPRESENT SELLER: Buyer acknowledges Listing Firm and
Selling Firm and all licensees associated with those entities are the agents of Seller and it is Seller
who employed them, whom they represent, and to whom they are responsible. Buyer acknowledges
that before eliciting or receiving confidential information from Buyer, Selling Firm, which may be the
same as Listing Firm, verbally disclosed Selling Firm represents Seller.
0 B. LISTING FIRM REPRESENTS SELLER AND SELLING FIRM REPRESENTS BUYER: Buyer
and Seller acknowledge Listing Firm is employed by Seller and Selling Firm is employed by Buyer.
All licensees associated with Listing Firm are employed by, represent, and are responsible to Seller.
All licensees associated with Selling Firm are employed by, represent, and are responsible to Buyer.
Buyer acknowledges Selling Firm verbally disclosed Listing Firm represents Seller. Seller
acknowledges Listing Firm verbally disclosed Selling Firm represents Buyer.
❑ G. LISTING FIRM AND SELLING FIRM ARE THE SAME AND REPRESENT BOTH BUYER AND
SELLER: Seller and Buyer hereby acknowledge and agree Listing and Selling Firm are the same
and all licensees associated with Listing and Selling Firm are representing both Buyer and Seller in
the purchase and sale of the above referenced Property and ListinglSelling Firm has been and is now
the agent of both Seller and Buyer with respect to this transaction. Seller and Buyer have both
consented to, and hereby confirm their consent to agency representation of both parties. Further, Seller
and Buyer agree:
0) Listing/Selling FiTM shall not be required to and shall not disclose to either Buyer or
Seller any personal, financial or other confidential information concerning the other party
Without the express written consent of that party; however, Buyer and Seller agree
ListinglSelling Firm shall disclose to Buyer information known to ListinglSelling Firm
related to defects in the Property and such information shall not be, deemed
"confidential information." Confidential information shall include but not be limited to any
price Seller is willing to accept that is less than the offering price or any price Buyer is
willing to pay that is higher than that offered in writing.
(ii) by selecting this option 19C, Buyer and Seller acknowledge when ListinglSelling Firm
represents both parties, a possible conflict of interest exists, and Seller and Buyer further
agree to forfeit their individual right to receive the undivided loyalty of ListinglSelling Firm.
(iii) to waive any claim now or hereafter arising out of any conflicts of interest from
Listing Selling Firm representing both parties_ Buyer and Seller acknowledge
ListinglSelling Firm verbally disclosed ListinglSelling Firm represents both parties in this
transaction, and Buyer and Seller have given their written consent to this representation
before entering into this Real Estate Contract.
❑ D. SELLING FIRM REPRESENTS BUYER (NO LISTING FIRM): Seller acknowledges Selling Firm
and all licensees associated with Selling Firm are the agents of Buyer and it is Buyer who employed
them, whom they represent, and to whom they are responsible. Seller acknowledges that at first
contact Selling Firm verbally disclosed that Selling Firm represents Buyer. Any reference to "Listing
Firm" in this Real Estate Contract will be considered to mean Selling Firm, both Buyer and Seller
acknowledging that all real estate agents (unless Seller is a licensed Real Estate Agent) involved in this
Real Estate Contract only represent Buyer.
❑ E. NON -REPRESENTATION: See attached Non -Representation Disclosure Addendum. If item E is
checked it should be accompanied by a corresponding entry to Paragraph 31 B or C.
Page 2 of 11
senal= OSTl78-0OD7fi4A3017B0 =,FOrm
Pmpamd oy, Mark Smgm n { RPLI Group { rnocrman r,.ivealry.ccm { Si Mpiicity
ejec w ck. ned =fit <SC.' +<^' f Scss'Gn IO: krtSS1D-09]u6;N�eaxCltR0000036
Real Estate Contract
(Lots and Acreage)
Page 3 of 1 t
Form Serial Number:
04 7 738- 0 0 0169-930178 0
Copyright
2023
Q3,
1:2r
Arkansas
MUALMMS
REALTORS`
RiYN17T
Association
5. LOAN AND CLOSING COSTS: Unless otherwise specified, all Buyer's Closing costs, including origination
fee, assumption fees, loan costs, prepaid items and loan discount points, closing fee, and all other financing
fees and costs charged by Buyer's creditor or any additional fee charged by Closing Agent(s) are to be paid
by Buyer. Seller to pay Seller's Closing costs.
6. APPLICATION FOR FINANCING: If applicable, Buyer agrees to make a complete application for new loan
or for loan assumption within five (5) business days from the acceptance date of this Real Estate Contract.
In order to make a complete application as required by this Paragraph 6, Buyer agrees to provide creditor
with any requested information and pay for any credit report(s) and appraisal(s) required, upon request.
Unless otherwise specified, if said loan is not consummated or assumed, Buyer agrees to pay for loan costs
incurred, including appraisal(s) and credit reports), unless failure to consummate is solely the result of Seller's
breach of this Real Estate Contract, in which case such expenses vvill be paid by Seller. Buyer understands
failure to make a complete loan application as defined above may constitute a breach of this Real Estate
Contract.
7. EARNEST MONEY:
❑ A. Yes, see Earnest Money Addendum.
❑x B. No.
8. NON-REFUNDABLE ❑EPOSIT: The Non -Refundable Deposit (hereinafter referred to as the "Deposit") is
funds tendered by Buyer to Seller to compensate Seiler for liquidated damages that may be incurred by Seller
resulting from Buyer failing to close on this Real Estate Contract. The liquidated damages shall include, but
not be limited to, Seller's time, efforts, expenses and potential loss of marketing due to Seller's removal of
Property from the market.
The Deposit is not refundable to Buyer unless failure to close is exclusively the fault of Seller or if Seller cannot
deliver marketable title to the Property. The Deposit will be credited to Buyer at Closing. Buyer shall hold
Listing Firm and Selling Firm harmless of any dispute regarding the Deposit. Buyer expressly acknowledges
the Deposit is not to be held by either Listing Firm or Selling Firm. The Deposit may be co -mingled with other
monies of Seller, such sum not being held in an escrow, trust or similar account.
Buyer will pay to Seller the Deposit in the amount of:
A. The Deposit is not applicable.
❑ B. Buyer will pay to Seller the Deposit in the amount of $
❑ i. Within days following the date this Real Estate Contract has been signed by Buyer
and Seller.
❑ ii. Other:
?age 3 of 11
Serizl Od773B-G00769.93077AR Form
Preparedby Mark Bingrmft I RPId Group j Rb' pnd 'ar•"e21C�.cdm-iSimplidty
G,V_.=N $.e _j_ CS4,W ml - r S.s 10: kee:5saa4af-dFso-ausQsl6ecne7]6I
Real Estate Contract
(Lots and Acreage)
Page 4 of 11
Copyright
2023
113c!
Arkansas
eo:,�ynou7wo
REAL-rORSaREALTOR
Oppor umlly
Association
Form Serial Number: 047738-000169-9301780
9. CONVEYANCE: Unless otherwise specified, conveyance of the Property shall be made to Buyer by
general warranty deed, in fee simple absolute, except it shall be subject to recorded instruments and
easements, if any, which do not materially affect the value of the Property. Unless expressly reserved
herein, SUCH CONVEYANCE SHALL INCLUDE ALL MINERAL RIGHTS OWNED BY SELLER
CONCERNING AND LOCATED ON THE PROPERTY, IF ANY, UNLESS OTHERWISE SPECIFIED IN
PARAGRAPH 20. IT IS THE RESPONSIBILITY OF THE BUYER TO INDEPENDENTLY VERIFY AND
INVESTIGATE THE EXISTENCE OR NONEXISTENCE OF MINERAL RIGHTS AND ANY LEGAL
RAMIFICATIONS THEREOF. Seller warrants and represents only the signatures set forth below are
required to transfer legal title to the Property. Seller also warrants and represents Seller has peaceable
possession of the Property, including aII improvements and fixtures thereon, and the legal authority and
capacity to convey the Property by a good and sufficient general warranty deed, free from any liens,
leaseholds or other interests.
10. SOIL TESTING FOR SEPTIC OR SEWAGE SYSTEM: Buyer has been given the opportunity to
obtain a soil percolation, soil morphology test or sewage system permit meeting the Arkansas Department
of Health regulations conceming septic systems or other sewage treatment systems. Should Buyer dectine
to obtain any of the above, Buyer agrees to hold Seller, Listing Firm and Selling Firm involved in this Real
Estate Contract harmless of any matters relative to obtaining such test, permit or the ability to construct an
improvement on the described Property that may exist or be discovered (or occur) after Closing.
x❑ A. No soil percolation or soil morphology test or septic system permit shall be provided.
❑ B. A soil percolation or soil morphology test will be conducted by a Designated Representative of the
Arkansas Department of Health and certified to Buyerwithin days prior to
Closing. A satisfactory soil percolation or soil morphology test does not guarantee a septic system
permit will be issued in the future. Test to be provided and paid for by:
❑ Buyer ❑ Seller.
❑ C.
A septic system permit will be issued by the Arkansas Department of Health for a
Bedroom Standard System certified within days prior to Closing.
Buyer's Representative, to mark location of home or be present when test is conducted
tests and permit will be provided and paid for by:
❑ Buyer ❑ Seller.
Buyer, or
Both the
❑ D. Seller wilt provide Buyer with a copy of the existing valid septic system permit within three {3)
business days of acceptance of this Real Estate Contract after which Buyer is to have ten 0 0)
business days to review and accept the permit. If permit issuance date is greater than six (6)
months or if the permit date will expire prior to Closing date, Seller shall have the permit revalidated
by the Arkansas Department of Health.
Should Buyer not be satisfied, acting with sole discretion, with any test or permit that may be required by
Paragraph JOB, 10C or 10D, Buyer shall have all rights provided by Earnest Money Addendum of this
Real Estate Contract.
Page 4 of 11
srr,t-; Qarras-0oa�s9-saat�an =� Form
Prepared by Alark Singrnan E RPU Group mCingmanyrpmrvaSy-pm I Simplicity
30e awned µvx esicft re" 1 s -=an lo: f a ni trbs-!455aaeedtil:r6 0 0301
Real Estate Contract Copyright
zo2s
(Lots and Acreage) [13,21 Arkansas
REALSOR� uau O H MI REALTORS'
Page 5 of 11 LNAssociation
Form Serial Number: 047738 000169-9301780
11. SURVEY: Buyer has been given the opportunity to obtain a new certified survey. Should Buyer decline
to obtain a survey as offered in Paragraph 11A of this Real Estate Contract, Buyer agrees to hold Seller,
Listing Finn and Selling Firm involved in this Real Estate Contract harmless of any problems
relative to any survey discrepancies that may exist or be discovered (or occur) after Closing.
❑R A. New survey satisfactory to Buyer, certified to Buyer within thirty (30) days prior to Closing
by a registered land surveyor, ❑showing property lines only ❑x showing all improvements,
easements and any encroachments will be provided and paid for by:
❑ Buyer [K Seller ❑ Equally split between Buyer and Seller.
❑ B. No survey shall be provided.
❑ C. Oth er:
Should Buyer agree to accept the most recent survey provided by Seller, this survey is for information
purposes only and Buyer will not be entitled to the legal benefits of a survey certified in Buyer's name.
12. TITLE REQUIREMENTS: As per RESPA AND CONSUMER FINANCIAL PROTECTION BUREAU
(CFPB) requirements, Buyer and Buyer's Lender have the right to determine where Buyer or
Buyer's Lender will purchase title insurance and other settlement services.
Buyer and Seller understand Listing Firm and Selling Firm are not licensed title insurance agents as
defined by Arkansas law and do not and cannot receive direct or indirect compensation from any Closing
Agent regarding the closing process or the possible purchase of title insurance by one or more of Buyer
and Seller. An enhanced version of title insurance coverage may be available to Buyer for this
transaction. Discuss enhanced title insurance coverage with your title insurance provider to determine
availability and features.
❑x A. Seller shall furnish, at Seller's cost, an owner's policy of title insurance in the amount of the
Purchase Price. If a loan is secured for the purchase of the Property, Buyer agrees to pay
mortgagee's portion of title policy. If Buyer elects to obtain enhanced title insurance coverage,
Buyer shall pay for the increase in title insurance costs in excess of the cost of a standard
owner's title policy.
❑ B. Buyer and Seiler to equally split the cost of a combination owners and mortgagee's policy
of title insurance, either standard or enhanced (if enhanced coverage is desired by Buyer and
available), in the amount of (as to owners) the Purchase Price and (as to mortgagee's) the loan
amount (not to exceed the Purchase Price); however, if Buyer and Seller choose to close at
different title companies, and/or if Buyer pays cash, subparagraph (A) above would control as to
the allocation of title insurance costs. In the event the Loan Amount exceeds the Purchase Price,
Buyer agrees to pay any additional title insurance premium in excess of Purchase Price.
❑ C. Other:
Buyer shall have the right to review and approve a commitment to provide title insurance prior to Closing.
If objections are made to Title. Seller shall have a reasonable time to cure the objections. Regardless of the
policy chosen, Buyer and Seller shall have the right to choose their Closing Agent(s).
Page 5 of 11
se Utz 04773 0018"3017ao ::1Fcrm
Prepared W. Mark 9:ngrsan I UFAGroup I mhngr"-@rPn e=Y-C m I ='Simplicity
Ewcrw�6,. ed ¢tiro I SG m:I
Real Estate Contract Copyright
zaz3
(Lots and Acreage) ® Arkansas
eea�raR= oP R uki: REALTORS'
Page 6 of 11 Association
Form Serial Number: 047738-000169-9301780
13. PRORATIONS: Taxes and special assessments due on or before Closing shalt be paid by Seller. Any
deposits on rental Property are to be transferred to Buyer at Closing. Insurance, general taxes, special
assessments, rental payments and interest on any assumed loan shall be prorated as of Closing,
unless otherwise specified herein.
14. CLOSING: Closing is the date and time at which Seller delivers the executed and acknowledged deed and
Buyer's completion, signing and delivery to Seller (or Closing Agent agreed to by Buyer & Seller) of all loan,
closing documents, and Purchase Price funds required to be executed or delivered by Buyer (the "Closing").
Buyer and Seller agree the Closing date will be (month) December (day) 27 , (year) 2023 . The
Closing date may be changed by written agreement of Buyer and Seller. If the sale is not consummated by
the Closing date (or any written extension thereof}, the parties shall have the remedies available to them in
equity or at law, including the remedies available to them in Earnest Money Addendum.
Buyer and Seller shall have the right to choose their Closing Agent(s) and are not relying on Listing Firm or
Selling Firm to choose a Closing Agent. Should Buyer or Seller choose the services of a Closing Agent(s)
other than Selling Firm or Listing Firm, then Buyer and Seiler each jointly and severally agree to indemnify
and hold Listing Firm and Selling Firm harmless for all intentional misconduct and negligent acts (including
acts of omission) of the Closing Agents).
This Real Estate Contract shall serve as written closing instructions to the Closing Agent on behalf of the
Buyer and Seller. The Closing Agent(s) is/are authorized to provide Seller's closing disclosure or other
settlement: statement(s) to Listing Firm (in addition to Seller) and Buyer's closing disclosure or other
settlement statement(s) to Selling Firm (in addition to Buyer) so Buyer, Seller, Listing Firm and Selling Firm
shall have a reasonable opportunity to review prior to Closing.
Buyer and Seller shall each have the right to request title insurer(s), if any, issue closing protection to
indemnify against loss of dosing funds because of acts of a Closing Agent, title insurer's named employee,
or title insurance agent. Any cost for closing protection will be paid by the requesting party(ies). Listing Firm
and Selling Firm strongly advise Buyer and Seller to inquire of the Closing Agent(s) about the availability and
benefits of closing protection.
This Real Estate Contract shall, unless otherwise specified in Paragraph 20 of this Real Estate Contract,
constitute express written permission and authorization to Listing Firm and Selling Firm to disclose the terms
of this Real Estate Contract (and all Addenda), including without limitation concessions provided by Buyer
or Seller or other non-public personal information of Buyer and Seller regarding the purchase and sale of
the Property, to any of the following: (i) an Arkansas licensed appraiser, (ii) multiple listing services for use
by the members thereof; and (iii) any other person or entity which Listing Firm or Selling Firm determines,
using sole discretion, may have a legitimate basis to request and obtain such information. The authorization
and permissions granted in this Paragraph 14 shall not create any obligation or duty upon Listing Firm or
Selling Firm to make any disclosure to any person or entity.
15. FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein, all fixtures and
attached equipment, if any, are included in the Purchase Price.
16. POSSESSION: Possession of the Property shall be delivered to Buyer:.
❑x A. Upon the Closing.
❑ B. Delayed Possession. (See Delayed Occupancy Addendum attached)
❑ C. Prior to Closing. (See Early Occupancy Addendum attached)
Page 6 of 11
Serial=' 04TT38-600169.9307780 �`.�arm
Prepared tr ✓Bark 9in9mnn j P.PI.1 Group m5ingmamarpnrealy.com 5lmpiftatty
EreCs S-a-sscrC-Wne r5�IQ:f2i351V 911�fSyaW��%'i[6aQeCQ.ifl1
Real Estate Contract
(Lots and Acreage)
Page 7 of I 1
Form Serial Number: 047738-000169-9301780
17.OTHER CONTINGENCY:
Copyright
2023
®.
1:21
Arkansas
REALTOR�
eauu"ou"G
OPPORTUNITY
REALTOW
Association
❑ A. No Other Contingency. (Except for those conditions listed elsewhere in this Peal Estate Contract.) It is
understood and agreed that Seller has the right to enter into subordinate Real Estate Contracts and
other Real Estate Contracts shall not affect this Real Estate Contract.
❑x B. This Real Estate Contract is contingent upon -
Buyer to be satisfied with Ci of Little Rock rezoning of the property to allow Buyer's_
in ten ded use of h ea a ui men t sales an d ren tal b usiness.
on or before (month)
(day) , (year)
During the term of this Real Estate Contract (Select one):
❑ (i) Binding with Escape Clause: Seller has the rightto continue to show the Property and solicit and
enter into another Real Estate Contract on thls Property. However, all Real Estate Contracts shall
be subject to termination of this Real Estate Contract. Should Seller elect to provide written notice
of an additional Real Estate Contract being accepted by Seller, Seller shall utilize the Seller's
Contingency Notice Addendum, (the "Notice") and Buyer shall have hours to remove this
contingency. Buyer shall be deemed in receipt of the Notice upon the earlier of (a) actual receipt
of the Notice or (b) two (2) business days after Seller or Listing Firm deposits the Notice in the
United States mail, certified for delivery to Buyer at
with sufficient postage to
ensure delivery. Removal of this contingency shall occur only by delivery of the Notice, in a manner
ensuring actual receipt, to Seller or Listing Firm. Time is of the essence. In the event Buyer
removes this contingency and does not perform on this Real Estate Contract for any reason
concerning this contingency, Seller may assert all legal or equitable rights that may exist as a result
of Buyer breaching this Real Estate Contract. Altematively, Seller, at his sole and exclusive option,
may retain the Earnest Money, as liquidated damages. If this contingency is removed, a Closing
date shall be agreed upon by the parties. If a Closing date is not agreed upon, Closing shall occur
calendar days from removal. Should Buyer not remove this contingency as specified, then
this Real Estate Contract shall be terminated with Buyer and Seller both agreeing to sign a
Termination of Contract Addendum with Buyer to recover Earnest Money. All time constraints in
this Real Estate Contract referred to in Paragraphs 6, 10, 11, 19, and 21 B refer to the time Buyer
removes the contingency.
Q (ii) Binding without Escape Clause: It is understood and agreed Seller has the right to enter into
subordinate Real Estate Contracts, and other Real Estate Contracts shall not affect this Real
Estate Contract.
Page 7 of 31
serial- 047738.00016"30MU ItForm
Preparetl W NLark 6mC=n I R I Group I m..6irw an,trpnuW1ar.00m I ='St M P I Ielty
Flecietieaa+5acne¢ crew s5�wi0.da+e"' f Sr1.vn 10: rex1351 L-E9ili65raeo3-�.`�-CCOCJ7Ei
Real Estate Contract
(Lots and Acreage)
®
Copyright
2023
Arkansas
8 of 11
REAGT09- o 0RiVVN31 T
REALTPage
Association?
Form Serial Number: 047738-000169-9301780
18. BUYER'S DISCLAIMER OF RELIANCE:
A. BUYER CERTIFIES BUYER WILL PERSONALLY INSPECT OR HAVE A REPRESENTATIVE INSPECT THE
PROPERTY AS FULLY AS DESIRED PRIOR TO CLOSING. BUYER CERTIFIES BUYER HAS NOT AND WILL
NOT RELY ON ANY WARRANTIES, REPRESENTATIONS, OR STATEMENTS OF SELLER, LISTING FIRM,
SELLING FIRM, OR ANY AGENT, INDEPENDENT CONTRACTOR, OR EMPLOYEE ASSOCIATED WITH
THOSE ENTITIES, OR INFORMATION FROM MULTIPLE LISTING SERVICES OR OTHER WEBSITES
REGARDING MINERAL RIGHTS, YEAR BUILT, SIZE (INCLUDING WITHOUT LIMITATION THE SQUARE
FEET IN IMPROVEMENTS LOCATED ON THE PROPERTY), QUALITY, VALUE OR CONDITION OF THE
PROPERTY, INCLUDING WITHOUT LIMITATION ALL IMPROVEMENTS, APPLIANCES, PLUMBING,
ELECTRICAL OR MECHANICAL SYSTEMS. HOWEVER, BUYER MAY RELY UPON ANY WRITTEN
DISCLOSURES PROVIDED BY SELLER.
LISTING FIRM AND SELLING FIRM CANNOT GIVE LEGAL ADVICE TO BUYER OR SELLER. LISTING FIRM
AND SELLING FIRM STRONGLY URGE STATUS OF TITLE TO THE PROPERTY, CONDITION OF PROPERTY,
SQUARE FOOTAGE OF IMPROVEMENTS, QUESTIONS OF SURVEY, AND ALL OTHER REQUIREMENTS OF
BUYER SHOULD EACH BE INDEPENDENTLY VERIFIED AND INVESTIGATED BY BUYER OR A
REPRESENTATIVE CHOSEN BY BUYER.
B. BUYER AGREES TO SIGN PAGE 4 OF THE INSPECTION, REPAIR AND SURVEY ADDENDUM PRIOR TO
CLOSING IF BUYER ACCEPTS THE CONDITION OF THE PROPERTY AND INTENDS TO CLOSE.
19. SELLER PROPERTY DISCLOSURE:
❑ A. Buyer and Seller acknowledge that upon the authorization of Seller, either Selling Firm or Twisting Firm
have delivered to Buyer, prior to the execution of this Real Estate Contract, a written disclosure
prepared by Seller concerning the condition of the Property, but this fact neither limits nor restricts
Buyer's Disclaimer of Reliance set forth in Paragraph 18 of this Real Estate Contract. The written
disclosure prepared by Seller is dated (month) (day) , (year)
and is warranted by Seller to be the latest disclosure and the answers contained In the disclosure are
warranted to be true, correct, and complete to Seller's knowledge.
0 B. Buyer hereby requests Seller to provide a written disclosure about the condition of the Property that
is true and correct to Seller's knowledge within three (3) business days after this Real Estate Contract
has been signed by Buyer and Seller. If Seller does not provide the disclosure within the three (3)
business days, Buyer may declare this Real Estate Contract terminated with Buyer and Seller both
agreeing to sign the Termination of Contract, with Buyer to receive a refund of the Earnest Money. If
Buyer finds the disclosure unacceptable within three (3) business days after receipt of disclosure,
this Real Estate Contract may be declared terminated by Buyer, with Buyer and Seller bath agreeing
to sign the Termination of Contract with Buyer to receive a refund of the Earnest Money. Receipt of
this disclosure neither limits nor restricts in any way Buyer's Disclaimer of Reliance set forth in
Paragraph 18 of this Real Estate Contract.
❑ C. Although a disclosure form may have been completed (or can be completed) by Seller, Buyer has
neither received nor requested and does not desire from Seller a written disclosure concerning
the condition of the Property prior to the execution of this Real Estate Contract, but this fact neither
limits nor restricts in any way Buyer's Disclaimer of Reliance set forth in Paragraph 18 of this Real
Estate Contract. BUYER IS STRONGLY URGED BY SELLING FIRM AND LISTING FIRM TO
MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS
REAL ESTATE CONTRACT.
❑ D. Buyer understands no disclosure form is available and will not be provided by Serer. This fact
neither limits nor restricts in any way the Buyers Disclaimer of Reliance set forth in Paragraph 18 of
this Real Estate Contract. BUYER 1S STRONGLY URGED BY SELLING FIRM AND LISTING FIRM
TO MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS
REAL ESTATE CONTRACT.
Page 8 of 11
srria3 uanaa-0oe�6s.ssnt�ea -_� Form
Prepared by- mark Singman j RPM Cw uR m5�n naniycramrzaly.eorr, _ .'-Simplicity
Eler m ft Swn u3 eSc ONMtE r S� IO: rw1751 -D I�65e-ondcrxt6h^em•.e 1
Rea! Estate Contract Copyright
2Q23
(Lots and Acreage) [13,2
= Arkansas
Page9 of 11 REALTOR��pp yx�IT�r AssocQation
Form Serial Number: 047738-000169-9301780
20. OTHER:
Seller to pay The RPM Group a real estate commission of five percent 5J of the purchase
rice at closing,
21. LEAD -BASED PAINT RISK ASSESSMENTIINSPECTION:
❑x A. Buyer understands and agrees that, according to the best information available, improvements on this
Property were not constructed prior to 1978 and should not contain lead -based paint hazards.
❑ B. Buyer has been informed that the Property, including without limitation garages, tool sheds, other
outbuildings, fences, signs and mechanical equipment on the Property that were constructed prior to
1978, may contain lead -based paint. Seller will provide the Lead -Based Paint Disclosure (pre-1978
construction) within three (3) business days after acceptance of this Real Estate Contract_ The
obligation of Buyer under this Real Estate Contract is contingent upon Buyer's acceptance of the
Lead -Based Paint Disclosure provided by Seller and an Inspection and/or Risk Assessment of the
Property for the presence of lead -based paint and/or lead -based paint hazards obtained at Buyer's
expense. if Buyer finds either the Lead -Based Paint Disclosure or the Inspection and/or Risk
Assessment unsatisfactory, in the sole discretion of Buyer, within ten (1 Q) calendar days after receipt
by Buyer of the Lead -Based Paint Disclosure, Buyer shall have the absolute option to unilaterally
terminate this Real Estate Contract with all Earnest Money returned to Buyer and, neither Buyer nor
Seller having further obligation to the other thereafter. Buyer may remove this contingency and
waive the unilateral termination right at any time without cause by written General Addendum signed by
Buyer and delivered to Seller_ if Buyer does not deliver to Seiler or Listing Firm a Termination of Real
Estate Contract Addendum terminating this Real Estate Contract within the ten (10) calendar days after
receipt by Buyer of the Lead -Based Paint Disclosure, this contingency shall be deemed waived and
Buyer's performance under this Real Estate Contract shall thereafter not be conditioned on Buyer's
satisfaction with the Lead -Based Paint Inspection and/or Risk Assessment of the Property.
t Buyer has been advised of Buyer's rights under this Paragraph 21. 1
2-2. RISK OF LOSS: Risk of loss or damage to the Property by fire or other casualty occurring prior to the time
Seller delivers an executed and acknowledged deed to Buyer is expressly assumed by Seller. Buyer shall
have the right prior to Closing to inspect the Property to ascertain any damage that may have occurred due
to fire, flood, hail, windstorm or other acts of nature, vandalism or theft.
23. GOVERNING LAW: This Real Estate Contract shall be governed by the laws of the State of Arkansas.
24. SEVERABILITY: The invalidity or unenforceability of any provisions of this Real Estate Contract shall not
affect the validity or enforceability of any other provision of this Real Estate Contract, which shall remain in full
force and effect.
Page 9 or 11
Ser7al=: 047758-MI S9•910179 U I Form
Prepared W Mark emgm n I RPM GMUS) I mWngrnanAjr;Ymrealtyson I � 5imphcity
Ewcinrf=lh 3m +ni1a escnOnue"r.•.� Ip;I
Real Estate Contract Copyright
2ozs
(Lots and Acreage) [a= Arkansas
CW►L NauSYIG REALTOW
Page 10 of 11 RERLTpR' plrORTYXiTT Association
Form Serial Number: 047738-000169-9301780
25. MERGER CLAUSE: This Real Estate Contract, when executed by both Buyer and Seller, shall contain the
entire understanding and agreement between Buyer and Seller with respect to all matters referred to herein
and shall supersede all prior or contemporaneous agreements, representations, discussions and
understandings, oral or written, with respect to such matters. This Real Estate Contract shall not supersede
any agency agreements entered into by Buyer or Seller and Listing Firm or Selling Firm.
26. ASSIGNMENT: This Real Estate Contract may not be assigned by Buyer unless written consent of Seller is
obtained, such consent not to be unreasonably withheld. It shall not be unreasonable for Seller to
withhold consent if Seller is to provide financing for Buyer in any amount.
27. TIME: Buyer and Seller agree time is of the essence with regard to all times and dates set forth in this Real
Estate Contract. Unless otherwise specified, days as it appears in this Real Estate Contract shall mean
calendar days. Further, all times and dates set forth In this Real Estate Contract refer to Arkansas Central
time and date. If any Closing provided in this Real Estate Contract shall fall on a Saturday, Sunday or date
upon which banks are not open in Arkansas, such performance shall be due on the first day thereafter.
28. ATTORNEY'S FEES: Should Buyer or Seller initiate any type of administrative proceeding, arbitration,
mediation or litigation against the other (or against an agent for the initiating party or agent for the non -
initiating party), it is agreed by Buyer and Seller (aforementioned agents being third -party beneficiaries of this
Paragraph 28) that all prevailing party (or parties if more than one) shall be entitled to an award of all costs
and attorney's fees incurred in prosecution or defense of such initiated action against the non -prevailing party
(or parties if more than one)_
29. COUNTERPARTS: This Real Estate Contract may be executed in multiple counterparts each of which
shall be regarded as an original hereof but all of which together shall constitute one in the same. Electronic
signatures shall be deemed original signatures and shall be binding upon the parties.
30. FIRPTA COMPLIANCE, TALC REPORTING: Buyer and Seiler agree to disclose on or before Closing, to the
person or company acting as Closing Agent for this transaction, their United States citizenship status, solely
for the purpose of compliance with the Foreign Investment in Real Property Taxation Act (FIRPTA). In
addition, Buyer and Seller shall execute all documents required by such Closing Agent to document
compliance with FIRPTA and all other applicable laws. Buyer and Seller agree that nothing in this Real
Estate Contract is intended to limit the responsibility of the Closing Agent as defined pursuant to United
States Treasury Regulation 1.6045.4 to: (i) be the "reporting person" under state and federal laws
{including without limitation 26 USC Section 6045(e)), and (ii) file all necessary forms regarding the Closing,
including without limitation form 1099, 8288 or 8288A. By accepting the role as Closing Agent, this Real
Estate Contract shall obligate the Closing Agent to fulfill their responsibilities as set forth above and as
defined by the above statutes. Seller will execute an affidavit confirming compliance with F[RPTA, as
prepared by the Closing Agent.
31. LICENSEE DISCLOSURE: Check all that apply.
❑ A. Not Applicable.
❑R B. one or more parties to this Real Estate Contract acting as a❑Buyer x❑Seller hold a valid Arkansas Real
Estate License.
❑ C. One or more owners of any entity acting as❑Buyer❑Seller hold a valid Arkansas Real Estate License.
32. EXPIRATION: This Real Estate Contract expires if not accepted on or before (month) November
(day) 9 , (year) 2023 , at 5.00 ❑ (a.m.) 0 (p.m.).
Page 10of11
Sens{=; 047738-000769-9p677E0
PrepareC GyAlarh 8mnman I RPId Gaup r nhingmsnm�rprnrealry.Ccrri
eLe=m,k=N s,=,i vW tsczntn , 1 sE Lw 0: r=1351 G69;fi&k aead-aT..%=WD L 1
-f - Form
Simplicity
Real Estate Contract
(Lots and Acreage)
Page 11 of 11
Copyright
2023
® w
Arkansas
CCYAL MOit3ClO
iREALTORSO
REAL7C]R"- OPPORrururY
Association
THIS IS A LEGALLY BINDING REAL ESTATE CONTRACT WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. YOU MAY EMPLOY AN ATTORNEY
TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOU RATTORNEY BEFORE SIGNING. REAL ESTATE
AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE
AUTHORIZED THE REAL ESTATE AGENTISj TO FILL IN THE BLANKS ON THIS FORM.
THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS' ASSOCIATION. THE SERIAL NUMBER BELOW I$ A UNIQUE NUMBER NOT
USED ON ANY OTHER FORM. THE SERIAL NUh1BER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY
HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT WAS PREPARED AFTER DECEMBER 31, 2023.
FORM SERIAL NUMBER: 047738-000169-9301780
REAL ESTATE LICENSEES ARE REGULATED BY THE ARKANSAS REAL ESTATE COMMISSION. IF A LICENSEE HAS NOT PROPERLY
REPRESENTED YOU, YOU MAY FILE A COMPLAINT AT ARC.ARKANSAS.GQV.
The above Real Estate Contract is executed on:
(month) (day) , {year} , at
�va�I2a a Lsr. R- Group
SaHing Firm
Signature:
Printed Name:
CuraLtdw Cobb
Carolyn Cobb
Signature:
Printed Name:
Principal or Executive Broker (AREC License #
(Broker email: ccobb@rpmgroup.com
rat rp- �wgvr+ w
Signature: Signature:
Printed Name: Mark Bingman Printed Name:
Selling Agent (AREC License # l
(Agent email: mbingman@rpmgroup.com
(Agent cell number:
The above Real Estate Contract is executed on:
(month) AJ"I (clay) C- (year) Zo'-3� , at
Listing Firm
Signature:
Printed Name:
Principal or Executive Broker (AREC License #
(Broker email:
Signature:
Printed Name:
Listing Agent {AREC License #
(Agent email:
(Agent cell number:
Signature:
❑(a.m.) ❑ (p.m.).
SfBVBw $utl.ocl2
Steven Bullock
❑ (a.m.) a(P.rn.).
Printed Name: David Roberts - Blue Collar Consulting
I Seller 111612023 04:11 pm
Signature:
Printed Name:
The above offer was ❑ rejected ❑ counteroffered (Form Serial Number
❑ Buyer informed of Notification of Existing Real Estate Contract Addendum
{Form Serial Number )
on (month) (day) , (year) , at
Seller's Initials
Serah": 0d77n-0Qa169A2017n
Pre P2re6 by Mark 8Mq=n I RPld Group I mtingman.^c_.rpmrealry-xr.'i
EK cxrw6oRr S. -d — e5 -01,Li -c FSc ro!6MmCa 1
❑ (a.m.) ❑ (p.m.).
Page 11 of 11 Seller's Initials
Form
E Simplicity