What is required for a real estate transaction in Arkansas to be considered legally binding?

In Arkansas, for a real estate transaction to be legally binding, a written agreement signed by both parties is essential. This requirement ensures that there is a clear record of the terms agreed upon, which protects the interests of both the buyer and seller. Written agreements not only provide clarity and certainty regarding the obligations of each party, but they also help prevent misunderstandings or disputes that might arise later.

Oral agreements, while they can be considered in certain circumstances, do not provide the same level of protection and enforceability that a written contract does. The absence of a witness is not a legal requirement for a binding agreement, nor is the necessity of a real estate attorney's approval for the agreement itself to be valid. Therefore, the presence of a signed written contract is crucial in establishing the legitimacy of real estate transactions in Arkansas.