PURCHASER’S AGREEMENT (with installment payments)
In Arkansas, a purchaser’s agreement with payments, often referred to an installment sale agreement, is a common way to structure the sale of real property when the buyer is unable to pay the full purchase price upfront and does not qualify for or seek traditional mortgage financing. Here’s how such agreements typically work and key elements they include:
Overview of a Purchase Agreement with Payments:
1. A purchase agreement with payments in Arkansas allows a buyer to pay for the property in installments directly to the seller over a specified period. This method bypasses the need for immediate traditional financing.
2. Clearly identifies the buyer and the seller.
3. Legal Description of Property.
4. Purchase Price: States the total agreed-upon price for the property.
5. Down Payment: Specifies any down payment required by the buyer at the outset of the agreement.
6. Payment Schedule: Details the amount of each installment, when payments are due (e.g., monthly), and the duration over which payments will be made. It also specifies the form of payment.
7. Interest Rate: If applicable, the interest rate on the unpaid balance is stated.
8. Late Fees and Penalties: Any above noted payment past due shall be subject to a late charge of $ ----- And an additional $ ----per day until the payment is received.
9. Default Provisions: BUYER further agrees that they understand none of the down payment or the monthly payments will be refunded in the event of an eviction.
10. Transfer of Title: Specifies that the legal title to the property will remain with the seller until the buyer completes all payments under the contract. Once all payments are made, the seller is obligated to convey the title to the buyer by Warranty Deed.
11. Warranties or Disclosures: Sold in (As is Condition), exceptions can be made for a specific situation.
12. Insurance and Taxes: Outlines who is responsible for property taxes, insurance, and maintenance until the title is transferred.
Legal Considerations
Equitable Title: The buyer holds equitable title during the term of the agreement, meaning they have a right to obtain full legal title upon full payment.
Recording the Agreement: It's generally advisable to record the Purchasers Agreement with the county recorder’s office to protect both parties’ interests and provide public notice of the buyer’s interest in the property. (For use in Arkansas only.)
For privacy or Buyers protection, see (Memorandum and Notice of Agreement) form.

How to Use This Form

Select your county from the list above
Download the county-specific form
Fill in the required information
Have the document notarized if required
Record with your county recorder's office

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Common Uses for Purchaser's Agreement (with installment payments)

Document the abandonment of a buyer's interest in a land contract
Clear title after a contract for deed has been fulfilled
Record a memorandum to protect the buyer's equitable interest
Release a previously recorded affidavit of equitable interest
Remove a recorded land contract lien after final payment
Provide public notice that a buyer holds an equitable interest in real property
Assign a land contract to a new investor or purchaser

Compare other Arkansas deed forms and documents

Quitclaim Deed Gift Deed Warranty Deed Special Warranty Deed Grant Deed Scrivener's Error Affidavit Statutory Durable Power of Attorney Specific Power of Attorney for the Sale of Property Limited Power of Attorney for the purchase of Property Mortgage Secured by Promissory Note Satisfaction of Mortgage Satisfaction Affidavit Deed of Trust and Promissory Note Deed of Trust with Installment of Taxes and Insurance Satisfaction of Deed of Trust Assignment of Mortgage or Deed of Trust Substitute of Trustee for Deed of Trust Purchasers Agreement (Cash Terms) Memorandum and Notice of Agreement Full Release of Memorandum and Notice of Agreement Easement Deed Termination, Cancellation of Easement / Right of Way Personal Representative Deed Beneficiary Deed Beneficiary Deed Revocation Disclaimer of Interest Notice to Owner Notice of Intent to File Affidavit of Service Claim of Mechanics Lien Waiver of Mechanic Lien Release of Mechanic Lien Lis Pendens Lis Pendens Release Certificate of Trust Mineral Deed Mineral Deed with Quitclaim Covenants

Important: County-Specific Forms

Our purchaser's agreement (with installment payments) forms are specifically formatted for each county in Arkansas.

After selecting your county, you'll receive forms that meet all local recording requirements, ensuring your documents will be accepted without delays or rejection fees.

Back to Arkansas Forms