Arkansas § 18-60-1010 Open-market sale, sealed bids, or auction

Arkansas Statutes

§ 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

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(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 auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction must be conducted under § 18-60-401 et seq. (f) If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.

Arkansas § 18-60-1010 (Open-market sale, sealed bids, or auction) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.