REAL ESTATE PURCHASE CONTRACT

SPECIAL TERMS, DISCLOSURES, WAIVERS & RELEASE

Cheap AR Land LLC

1. ABSOLUTE AS-IS / WHERE-IS / WITH ALL FAULTS SALE


THE PROPERTY IS SOLD STRICTLY AS-IS, WHERE-IS, WITH ALL FAULTS, WHETHER KNOWN OR UNKNOWN, LATENT OR PATENT, FORESEEABLE OR UNFORESEEABLE.

SELLER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR MARKETABLE TITLE.


2. QUITCLAIM CONVEYANCE – NO TITLE WARRANTIES


Title shall be conveyed EXCLUSIVELY BY QUITCLAIM DEED.

Seller conveys ONLY SUCH RIGHT, TITLE, AND INTEREST, IF ANY, AS SELLER MAY HAVE, AND MAKES NO GUARANTEE THAT ANY INTEREST IS CONVEYED AT ALL.


3. SOURCE OF TITLE – COMMISSIONER OF STATE LANDS (ARKANSAS)


Buyer acknowledges and agrees that the Property was acquired through the Commissioner of State Lands for the State of Arkansas and that such properties ARE NOT WARRANTED AS TO TITLE.

Buyer understands that tax-derived title may include clouds, defects, redemption rights, competing claims, or statutory limitations, and Buyer knowingly accepts these risks.


4. QUIET TITLE REQUIRED – BUYER SOLE RESPONSIBILITY


Buyer acknowledges that:

  • The Property DOES NOT HAVE INSURABLE TITLE
  • A QUIET TITLE ACTION IS LIKELY REQUIRED to obtain warranty or marketable title
  • Seller has NO OBLIGATION to initiate, assist with, fund, or guarantee any quiet title action

All legal costs, court costs, attorney fees, time delays, and outcomes are SOLELY THE BUYER’S RESPONSIBILITY.


5. NO LIABILITY FOR TITLE, ACCESS, USE, OR CONDITION


Seller DISCLAIMS ALL LIABILITY, INCLUDING BUT NOT LIMITED TO:

  • Title defects or failure
  • Liens, encumbrances, or easements
  • Boundary, acreage, or survey discrepancies
  • Access issues or landlocked status
  • Adverse possession or ownership disputes
  • Recording errors or omissions
  • Zoning, land-use, or permitting restrictions


6. NO REPRESENTATION OF BUILDABILITY OR DEVELOPMENT


Seller makes NO CLAIMS OR GUARANTEES that the Property:

  • Is buildable or developable
  • Meets zoning, floodplain, soil, septic, or utility requirements
  • Can be used for residential, commercial, agricultural, or recreational purposes

Buyer assumes ALL RISK related to buildability, use, and development.


7. STRUCTURES, IMPROVEMENTS & CONDEMNED CONDITIONS


Seller makes NO REPRESENTATIONS regarding the presence, condition, legality, safety, or usability of any structures or improvements.

Any structures, foundations, wells, septic systems, or debris are conveyed AS-IS, and Seller assumes NO LIABILITY for:

  • Condemned structures
  • Demolition or cleanup
  • Code violations
  • Injuries or damages


8. ENVIRONMENTAL, CHEMICAL & HAZARDOUS CONDITIONS


Seller makes NO REPRESENTATIONS OR WARRANTIES regarding:

  • Environmental condition of the Property
  • Presence of hazardous substances, chemicals, pollutants, petroleum products, asbestos, lead, radon, methane, or contaminants
  • Prior mining, drilling, dumping, agricultural, industrial, or other activity

Buyer assumes FULL RESPONSIBILITY for all environmental risks and releases Seller from ALL RELATED CLAIMS.


9. MINERAL, TIMBER & SUBSURFACE RIGHTS – NO GUARANTEE


Seller makes NO GUARANTEE that any mineral, oil, gas, coal, timber, water, or subsurface rights are owned by or conveyed to Buyer.

Buyer acknowledges such rights may be severed, reserved, leased, or previously conveyed, and Seller conveys ONLY WHAT IT MAY OWN, IF ANYTHING.


10. DELINQUENT TAXES – BUYER RESPONSIBILITY


Buyer acknowledges and agrees that:

  • Any delinquent, back, or current property taxes, penalties, interest, or assessments DUE OR REQUIRED AT THE TIME OF TRANSFER are the SOLE RESPONSIBILITY OF BUYER
  • Payment of such taxes may be REQUIRED TO COMPLETE OR FINALIZE TRANSFER OR RECORDING
  • Seller makes NO REPRESENTATION that taxes are current or paid

Buyer agrees to HOLD SELLER HARMLESS from any tax-related claims or costs.


11. RECORDING OF DEED


Seller agrees to record the quitclaim deed within ninety (90) days of sale, subject to administrative or governmental delays beyond Seller’s control.


12. NO AGENCY / NO PROFESSIONAL SERVICES


Seller is NOT a real estate agent, broker, attorney, contractor, surveyor, engineer, or title company.

Seller provides NO LEGAL, TAX, TITLE, OR DEVELOPMENT ADVICE.


13. RELEASE, WAIVER & INDEMNIFICATION (HARD STOP)


Buyer IRREVOCABLY RELEASES, WAIVES, AND FOREVER DISCHARGES Seller from ANY AND ALL CLAIMS, whether known or unknown, arising from:

  • Title
  • Condition of Property
  • Environmental issues
  • Taxes
  • Mineral rights
  • Use or inability to use the Property

Buyer agrees to INDEMNIFY AND DEFEND SELLER from any future claims, lawsuits, damages, costs, or attorney fees related to the Property.


14. BUYER ACKNOWLEDGMENT


Buyer affirms that:

  • Buyer has read and understands this Agreement
  • Buyer is not relying on Seller representations
  • Buyer had the opportunity to seek independent legal counsel
  • Buyer is knowingly assuming ALL RISK