Arkansas process · buyer view

The Arkansas Home-Buying Process: Your Step-by-Step Checklist

Buying a home in Arkansas means following a clear set of steps, from getting pre-approved to signing closing papers at a title company.

Reading as buyer. Switch to seller

Phase 1 of 7 · typically 2-6 weeks

Pre-Offer

Get your money lined up, hire a buyer's agent, and start touring homes you can actually afford.

  1. Check your credit score and clean up your finances

    You2-3 months before you start touring

    Pull your free credit report and look for errors. Pay down credit card balances if you can. Lenders use your score to decide your interest rate, so a higher score saves you money every month.

    Cost: $0

  2. Get pre-approved for a mortgage

    LenderBefore you start touring homes

    Talk to 2-3 lenders and compare their rates and fees. They will check your income, credit, and savings, then tell you how much you can borrow. Bring tax returns, recent pay stubs, and bank statements.

    You'll need

    • W-2s (last 2 years)
    • Pay stubs (last 30 days)
    • Bank statements (last 2 months)
    • Photo ID

    Cost: $0

  3. Sign a written buyer representation agreement with your agent

    Your agentBefore touring your first home

    Before your agent can tour any home with you, Arkansas requires a signed written buyer agreement that spells out exactly how your agent gets paid. This rule came from the NAR settlement that took effect August 17, 2024. Your agent's pay must be a clear dollar amount or formula, not 'whatever the seller offers.'

    You'll need

    • Photo ID

    Cost: $0

  4. Decide what you actually need in a home

    YouBefore touring

    Write a short list of must-haves (bedrooms, school district, commute) and nice-to-haves. This keeps you focused when you start touring and helps your agent send you the right listings.

    Cost: $0

  5. Tour homes with your agent

    Your agentAfter signing buyer agreement and getting pre-approval

    Go see homes in person. Take photos, ask about utility costs, and walk the neighborhood at different times of day. Your agent pulls listings from the MLS so you see what is actually for sale.

    Cost: $0

Phase 2 of 7 · typically 1-7 days

Making an Offer

Pick a home, write up an offer using the Arkansas standard contract, and negotiate price and terms with the seller.

  1. Review the Arkansas Residential Real Estate Contract before signing

    Your agentBefore you write an offer

    Arkansas uses the AREC standard Residential Real Estate Contract for most home sales. Read it before you sign. Your agent will walk through the key sections: price, earnest money, contingencies, closing date, and what stays with the home.

    Cost: $0

  2. Decide your offer price and key terms

    Your agentRight before writing the offer

    Your agent will pull recent comparable sales so you can see what similar homes sold for. Together you will pick a price, a target closing date, and which contingencies (inspection, financing, appraisal) to include.

    Cost: $0

  3. Decide on the earnest money amount

    YouBefore submitting offer

    Earnest money is a deposit (often 1-2% of the purchase price) that shows the seller you are serious. The broker holds it in a trust account, and it gets applied toward your down payment at closing. Pick an amount that's meaningful but not more than you can afford to risk.

    Cost: $1,000-$5,000 typical

  4. Decide whether to ask the seller to help cover your agent's pay

    Your agentWhile drafting the offer

    Since the NAR settlement, your agent's pay is set in your buyer agreement, not posted on the MLS. But you can still ask the seller to chip in through a concession written into the purchase contract. Your agent will help you decide if that fits this market.

    Cost: $0

  5. Submit the offer and respond to counteroffers

    Your agentOnce offer is signed

    Your agent sends the signed offer to the seller's agent. The seller can accept, reject, or counter. Counters often go back and forth on price, closing date, or which items stay with the home. Stay reachable — counters often have short deadlines.

    Cost: $0

Phase 3 of 7 · typically 1-3 days after acceptance

Under Contract

Once both sides sign, you are officially under contract. Now you deposit earnest money and start lining up title, insurance, and inspections.

  1. Deliver your earnest money deposit

    YouWithin 1-3 business days of contract acceptance

    Under Arkansas rules, the broker holding your earnest money must deposit it into their trust account within three business days of receiving it. Send it by cashier's check or wire on the day the contract is signed so the timeline starts clean.

    You'll need

    • Signed purchase contract

    Cost: $1,000-$5,000 typical

  2. Choose a title company or closing attorney

    YouWithin the first week of being under contract

    Arkansas closings are usually run by a title company, not by the real estate agents. The title company searches title records, issues title insurance, and handles the paperwork and money at closing. Your agent will recommend options — you can also shop around.

    Cost: $0

  3. Shop for homeowners insurance

    YouWithin 1-2 weeks of being under contract

    Your lender requires homeowners insurance before they will fund the loan. Get 2-3 quotes. If the home is in a FEMA Special Flood Hazard Area, the lender will also require flood insurance, which is separate and can add hundreds to several thousand dollars per year.

    Cost: $800-$2,000/year typical

  4. Check the property's flood zone status

    YouEarly in the contract period

    Look up the home on the FEMA Flood Map Service Center. Properties in a Special Flood Hazard Area (Zone A or AE) require flood insurance if you are using a federally backed mortgage. Eastern Arkansas and the Mississippi Delta region are especially worth checking.

    You'll need

    • Property address

    Cost: $0

Phase 4 of 7 · typically 7-14 days

Inspections and Disclosures

Hire inspectors to look the home over, review the seller's disclosures, and decide whether to negotiate repairs or walk away.

  1. Schedule a general home inspection

    InspectorWithin the inspection period in your contract

    A licensed inspector spends 2-4 hours checking the roof, foundation, plumbing, electrical, heating, and appliances. You'll get a written report with photos. Go to the inspection if you can — you will learn a lot about how the home works.

    Cost: $350-$600 typical

  2. Order a termite and wood-destroying organism inspection

    InspectorWithin the inspection period

    A licensed pest control operator inspects the home and fills out the NPMA-33 form, the standard Arkansas termite report. Most lenders — including FHA and VA — require a clear termite report before they will close. Termites are a real risk across Arkansas because most homes are wood-framed.

    Cost: $75-$150 typical

  3. Review the seller's property disclosure (Form RES-1)

    Seller's sideWithin the first week of contract

    Arkansas does not legally require every seller to fill out a disclosure form, but the industry-standard Form RES-1 is used in most deals and is incorporated into the standard contract. Read it carefully — it tells you what the seller knows about the home's condition, history, and any past problems.

    Cost: $0

  4. Review the lead-based paint disclosure for pre-1978 homes

    Seller's sideWithin the first week of contract (pre-1978 homes only)

    Federal law requires sellers of any home built before 1978 to give you a lead-based paint disclosure and the EPA pamphlet 'Protect Your Family from Lead in Your Home.' You also have 10 days to do a separate lead inspection if you want one. This applies in Arkansas just like in every other state.

    Cost: $0

  5. Ask whether mineral rights are included

    Escrow / titleDuring title search

    In central and north-central Arkansas (Fayetteville Shale and Brown Dense regions), it is common for mineral rights to be owned separately from the surface rights. Ask your title company to check. If the mineral rights were severed, a third party could one day drill or lease them.

    Cost: $0

  6. Negotiate repairs or credits based on inspection findings

    Your agentWithin inspection contingency period

    After inspections, you can ask the seller to fix things, give you a credit at closing, or lower the price. Pick your battles — focus on safety, structure, and big-ticket items, not cosmetic stuff. If you cannot agree, you may have the right to walk away under your inspection contingency.

    You'll need

    • Inspection report

    Cost: $0

Phase 5 of 7 · typically 2-4 weeks

Loan and Appraisal

Your lender finishes underwriting your loan and orders an appraisal. The home has to appraise for at least the purchase price.

  1. Submit every document your lender asks for

    YouThroughout the loan process

    Your lender will send a checklist: updated pay stubs, bank statements, tax returns, and explanations for any large deposits. Respond fast — every day you delay can push back closing. Do not open new credit cards or finance anything (car, furniture) until after you close.

    You'll need

    • Pay stubs
    • Bank statements
    • Tax returns
    • Letters of explanation if requested

    Cost: $0

  2. Lock your interest rate

    LenderEarly in the loan process

    Once you are under contract, ask your lender about locking your rate. A rate lock protects you if rates go up before closing. Lock periods are usually 30-60 days; ask about extension fees in case closing gets delayed.

    Cost: $0

  3. Wait for the appraisal

    LenderLender orders within 1-2 weeks of contract

    Your lender orders an independent appraisal to confirm the home is worth what you are paying. If the appraisal comes in low, you can renegotiate price, pay the difference in cash, or walk away if your contract has an appraisal contingency.

    Cost: $500-$700 typical

  4. Get 'clear to close' from your lender

    LenderAbout 1-2 weeks before closing

    After underwriting reviews everything — your file, the appraisal, the title commitment, your homeowners insurance — they issue a 'clear to close.' That is the green light to schedule closing. Don't make any big financial moves between this point and closing day.

    Cost: $0

Phase 6 of 7 · typically 3-7 days before closing

Pre-Closing

Final steps in the days before closing: review your numbers, do a final walkthrough, and get your cash ready.

  1. Review the Closing Disclosure

    LenderAt least 3 business days before closing

    Federal law requires your lender to give you a Closing Disclosure at least 3 business days before closing. It shows your final loan terms, monthly payment, and every closing cost line by line. Compare it to your earlier Loan Estimate and flag anything that changed.

    Cost: $0

  2. Do a final walkthrough of the home

    Your agent24-48 hours before closing

    Usually 24-48 hours before closing, walk through the home one last time. Check that agreed-upon repairs were done, appliances still work, and the seller did not take anything that was supposed to stay (like the fridge). Test outlets, faucets, and the HVAC.

    You'll need

    • Purchase contract
    • Inspection report

    Cost: $0

  3. Wire your closing funds to the title company

    You1-2 days before closing

    The title company will tell you exactly how much cash to bring and where to send it. Always call the title company on a phone number you verified yourself to confirm wire instructions — wire fraud is one of the most common ways people lose money in real estate.

    You'll need

    • Wire instructions from title company

    Cost: Down payment + closing costs

  4. Gather what you need to bring to closing

    YouDay before closing

    Bring a government-issued photo ID, your checkbook (for small surprise amounts), and any documents the title company asked for. Confirm the closing time and address the day before.

    You'll need

    • Photo ID
    • Checkbook

    Cost: $0

Phase 7 of 7 · typically 1-2 hours

Closing Day

You sign the paperwork, money changes hands, and the deed gets recorded. You get the keys.

  1. Attend closing at the title company

    Escrow / titleOn closing day

    Closings in Arkansas are usually held at the title company's office and run by a closing officer or closing attorney, not by the real estate agents. Expect 1-2 hours of signing. Read each document before signing and ask questions on anything you do not understand.

    You'll need

    • Photo ID

    Cost: $0

  2. Pay the Arkansas real property transfer tax (or confirm seller paid it)

    Escrow / titleAt closing

    Arkansas charges a real property transfer tax of $3.30 per $1,000 of the sale price under Ark. Code Ann. §26-60-105. On a $300,000 home that's $990. State law does not say who pays — by custom the seller usually pays in Arkansas, but it is a negotiated item in your contract, so check your settlement statement.

    Cost: $3.30 per $1,000 of price

  3. Sign your loan and closing documents

    Escrow / titleAt closing

    You will sign your mortgage note, deed of trust, Closing Disclosure, and a stack of disclosures. The closing officer will explain each one. Your funds get applied to the purchase price and closing costs on the settlement statement.

    Cost: $0

  4. Get the keys and take possession

    Escrow / titleAt or right after closing

    Once the deed is recorded with the county and the funds are released, you officially own the home. You'll get the keys, garage door openers, and any codes. Change the locks soon after — you do not know who else might have had a copy.

    Cost: $50-$200 for new locks

Sources

  1. [1] NAR Settlement FAQs — Buyer Broker Agreement Requirements
  2. [2] AREC Rule 10.3 — Agency Disclosure and Buyer Agreements
  3. [3] NAR Settlement FAQs — Cooperating Compensation
  4. [4] AREC Rule 10.3 — Compensation Disclosure
  5. [5] Ark. Code Ann. §26-60-105 — Real Property Transfer Tax
  6. [6] Arkansas Real Estate Commission — Closing Procedures
  7. [7] FEMA Flood Map Service Center
  8. [8] Ark. Code Ann. §17-42-101 et seq. — Material Fact Disclosure
  9. [9] Arkansas Real Estate Commission — Property Disclosure Duties
  10. [10] Arkansas Real Estate Commission — Standard Residential Contract
  11. [11] Arkansas Real Estate Commission — Standard Residential Contract
  12. [12] Arkansas Real Estate Commission — Residential Forms
  13. [13] EPA — Real Estate Disclosure for Lead-Based Paint
  14. [14] HUD — Lead-Based Paint Regulations
  15. [15] Arkansas Real Estate Commission — Closing Procedures
  16. [16] AREC Rule 10.7 — Trust Account Requirements
  17. [17] Ark. Code Ann. §17-42-204 — Trust Account Provisions

Last updated May 15, 2026