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18-60-1011. Report of open-market sale.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-60-1011. Report of open-market sale.
(a) Unless required to do so within a shorter time by § 18-60-401 et seq., a broker appointed under § 18-60-1010(b) to offer heirs property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under § 18-60-1006 or § 18-60-1010.
(b) The report required by subsection (a) must contain the following information:
(1) a description of the property to be sold to each buyer;
(2) the name of each buyer;
(3) the proposed purchase price;
(4) the terms and conditions of the proposed sale, including the terms of any owner financing;
(5) the amounts to be paid to lienholders;
(6) a statement of contractual or other arrangements or conditions of the broker's commission; and
(7) other material facts relevant to the sale.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-60-1011
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-60-1011
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b70945bed8b015fe521f9fe182b95b46068ae06cf4146b24c1782f8558bcda72
Source location: content.xml paragraph 14392
Stored source content
18-60-1011. Report of open-market sale.
(a) Unless required to do so within a shorter time by § 18-60-401 et seq., a broker appointed under § 18-60-1010(b) to offer heirs property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under § 18-60-1006 or § 18-60-1010.
(b) The report required by subsection (a) must contain the following information:
(1) a description of the property to be sold to each buyer;
(2) the name of each buyer;
(3) the proposed purchase price;
(4) the terms and conditions of the proposed sale, including the terms of any owner financing;
(5) the amounts to be paid to lienholders;
(6) a statement of contractual or other arrangements or conditions of the broker's commission; and
(7) other material facts relevant to the sale.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-60-1006. Determination of value.
(a) Except as otherwise provided in subsections (b) and (c), if the court determines that the property that is the subject of a partition action is heirs property, the court shall determine the fair market value of the property by ordering an appraisal pursuant to subsection (d).
(b) If all cotenants have agreed to the value of the property or to another method of valuation, the court shall adopt that value or the value produced by the agreed method of valuation.
(c) If the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal, the court, after an evidentiary hearing, shall determine the fair market value of the property and send notice to the parties of the value.
(d) If the court orders an appraisal, the court shall appoint a disinterested real estate appraiser registered in this state to determine the fair market value of the property assuming sole ownership of the fee simple estate. On completion of the appraisal, the appraiser shall file a sworn or verified appraisal with the court.
(e) If an appraisal is conducted pursuant to subsection (d), not later than 10 days after the appraisal is filed, the court shall send notice to each party with a known address, stating:
(1) the appraised fair market value of the property;
(2) that the appraisal is available at the clerk's office; and
(3) that a party may file with the court an objection to the appraisal not later than 30 days after the notice is sent, stating the grounds for the objection.
(f)(1) Except as provided in subsection (h), if an appraisal is filed with the court pursuant to subsection (d), the court shall conduct a hearing to determine the fair market value of the property not sooner than thirty (30) days
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-60-1006
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-60-1006. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-60-1010. Open-market sale, sealed bids, or auction.
(a) If the court orders a sale of heirs property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.
(b) If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this state to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this state to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court.
(c) If the broker appointed under subsection (b) obtains within a reasonable time an offer to purchase the property for at least the determination of value:
(1) the broker shall comply with the reporting requirements in § 18-60-1011; and
(2) the sale may be completed in accordance with state law other than this subchapter.
(d) If the broker appointed under subsection (b) does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may:
(1) approve the highest outstanding offer, if any;
(2) redetermine the value of the property and order that the property continue to be offered for an additional time; or
(3) order that the property be sold by sealed bids or at an auction.
(e) If the court orders a sale by sealed bids or an auct
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-60-1010
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-60-1010. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-60-401. Petition — Determination of heirs property — Applicability.
(a) Under this subchapter, any persons having any interest in and desiring a division of land held in joint tenancy, in common, as assigned or unassigned dower, as assigned or unassigned curtesy, or in coparceny, absolutely or subject to the life estate of another, or otherwise, or under an estate by the entirety when the owners have been divorced, except when the property involved is a homestead and occupied by either of the divorced persons, shall file in the circuit court a written petition.
(b)(1) The petition shall contain:
(A) The description of the property;
(B) The names of each party having an interest in the property and the nature and amount of the interest; and
(C) A prayer for:
(i) The division and for a sale of the property if it appears that partition cannot be made without great prejudice to the owners; and
(ii) Any other appropriate relief.
(2) All persons interested in the property who have not united in the petition shall be summoned to appear.
(c)(1) The court shall determine whether or not the property is heirs property as defined in § 18-60-1002.
(2) If the court determines after notice and hearing or otherwise that the property is heirs property, the Uniform Partition of Heirs Property Act, § 18-60-1001 et seq., shall, unless all of the cotenants otherwise agree in a record as defined by § 18-60-1002:
(A) Apply to the partition of the property; and
(B) To the extent of any conflict between this subchapter and the Uniform Partition of Heirs Property Act, § 18-60-1001 et seq., govern the procedures and rights of the parties concerning the heirs property.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-60-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-60-401. This identifies an authority to review, not proof of applicability.