Fort Smith

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title agents handle escrows, and attorneys conduct closings. Conveyance is by warranty deed. Mortgages are the customary security instruments. Foreclosure requires judicial proceedings, but there are no minimum time limits for completion. Arkansans use ALTA policies and endorsements and receive a 40% discount for reissuance of prior policies. Buyers and sellers pay their own escrow costs. The buyer pays for the lender’s policy; the seller pays for the owner’s. The buyer and seller split the state documentary tax. Property taxes come due three times a year as follows: the third Monday in April, the third Monday in July, and the tenth day of October.

3 times per year; 3rd Monday in April, 3rd Monday in July, and 10th day in October.

YES. Key components of property management are considered a real estate activity under existing Arkansas real estate licensing laws. A broker's license is required for any person or company who, for compensation, engages in the lease or rental of real estate in Arkansas, who offers or lists real estate for rent or lease, who collects rent for the use of real estate or who assists or directs in the negotiation of any transaction intended to result in the rent or lease of Arkansas real estate. A salesperson working under a broker may engage in such activities.

Certain limited exemptions exist. For example, on-site residential managers who reside at the property and who are engaged in the leasing of real property in connection with their employment need not have a real estate broker's license. For more information about these and other Arkansas property management requirements and exceptions, please contact the Arkansas Real Estate Commission. Before hiring a property manager to manage your Arkansas rental property, you should always check they he or she is licensed properly. You can check the license status of an Arkansas property manager at the Arkansas Real Estate Commission License Search.

A community association manager need not be licensed as a real estate broker to manage a community or condominium association in Arkansas.

Arkansas real estate broker licensing requirements include: - Age: Be at least 18 years of age; - Education: Successful completion of 60 classroom hours of real estate education (in real estate principles, license law, and commission regulations) from an approved school within thirty-six (36) months immediately preceding the date of the application. In addition, new brokers must complete 30 classroom hours of Post-License education within the first year. - Experience: Have been licensed as an active real estate salesperson or broker for a period of not less than twenty-four (24) months within the previous forty-eight (48) month period immediately preceding the date of application - Exam: Pass the licensure examination (send required forms and fees to the Arkansas Real Estate Commission within 90 days)

Arkansas real estate salesperson licensing requirements include: - Age: Must be at least 18 years of age - Education: Successful completion of 60 classroom hours of real estate education from an approved school. In addition, new salespeople must complete a post-license requirement of 18 classroom hours within 12-months after initial licensing. - Exam: Pass the licensure examination (send required forms and fees to the Arkansas Real Estate Commission within 90 days)