Real Estate Transactions In Little Rock, Arkansas

Buyer: This is the person purchasing a piece of real estate. They will negotiate a deal with the seller and, if agreed upon, will sign a contract and pay the purchase price.

Seller: This is the person who owns the property and is selling it to another party. They usually create a contract with the buyer and provide them with all the necessary paperwork for the sale.


Real Estate Agent: These are licensed professionals who specialize in facilitating real estate transactions. They help buyers and sellers negotiate the best deal, provide legal advice, and guide them through the entire process.

Lawyer: This legal professional can provide advice and representation for either party in a real estate transaction.

Appraiser: This is a professional who will assess the value of the property being sold. This assessment ensures that the buyer is paying a fair price and that the seller is receiving an adequate amount for their sale.


Insurance Agent: This professional provides buyers and sellers with the necessary insurance coverage for a real estate transaction. This includes homeowner's insurance, title insurance, and other types of coverage.

How Do Real Estate Transactions Work?

The steps may differ slightly from one real estate transaction to another, but in general, the following steps must be followed for a successful real estate transaction:

i. Listing the property/ Search for the ideal property: The seller makes their property available to the public by listing it on a Real estate website or through an agent. Simultaneously, potential buyers search for properties that fit their needs and budget.

ii. Making an offer: The buyer will make an offer to the seller based on their budget and needs. The offer will include the purchase price, financing terms, and any contingencies.

iii. Negotiations: Once the seller receives an offer, they can accept, reject or counteroffer to the buyer's offer. The negotiation process may involve several rounds of offers and counteroffers before both parties agree on the terms and conditions of the sale.

iv. Lawyer review: The buyer and seller may have their lawyers review the purchase and sale agreement to ensure that all legal requirements are met.

v. Appraisals, home inspection, and repairs:The buyer may have the property appraised to ensure they are not paying too much for the property. They may also commission a home inspector to assess any property safety or maintenance issues and require repairs to the property before closing.

vi. Contingency removal: If the buyer or seller has any contingencies in their offer (such as loan approval), they must ensure they are met before the sale can proceed.

vii. Closing: Once all of the steps above have been completed, the buyer and seller will meet with their respective lawyers to sign the final documents and transfer ownership of the property.

viii. Post-closing: The buyer and seller will receive the final documents, such as the deed, title insurance, and other necessary paperwork.