Minot

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Lenders, together with attorneys, conduct closings. Conveyance is by warranty deed. Mortgages are the security instruments. Foreclosures require about 6 months, including the redemption period. North Dakotans base their title insurance on abstracts and attorneys’ opinions. Buyers usually pay for the closing, the attorney’s opinion, and the title insurance; sellers pay for the abstract. There are no documentary or transfer taxes. Property taxes are due March 15th and October 15th.

Due March 15th and October 15th

YES. A key component of property management (leasing) is considered a real estate activity under existing North Dakota real estate licensing laws. If a property manager is going to lease, list, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities. However, if a property manager is not engaged in leasing activities, a real estate broker's license is not required.

YES. For example, bona fide owner of residential property and their regular employees are exempt when their work is in the regular course of or as an incident to the management of the property. For more information about these and other North Dakota property management requirements and exceptions, please contact the North Dakota Real Estate Commission. Before hiring a property manager to manage your North Dakota rental property, you should always check that he or she is licensed appropriately. You can check the license status of North Dakota property managers using the Commission's License Search Page.

There is no requirement that a community association manager or condo association manager in North Dakota hold a real estate broker's license.

North Dakota real estate broker licensing requirements include: - Age: must be at least 18 years of age - Experience: must have been actively engaged as a licensed real estate salesperson for a period of at least two years preceding the date of application OR had had experience as determined by the commission to be substantially equal to that which a licensed real estate salesperson would ordinarily receive during a two year period. - Education: must show proof of 60 hours of Commission approved study prior to examination - Exam: must pass the real estate broker examination - Insurance: must provide proof of errors and omissions insurance - Fees: $120 application fee; $120 renewal fee

North Dakota real estate salesperson licensing requirements include: - Age: must be at least 18 years of age - Education: must show proof of 45 hours of Commission approved study prior to receiving license; in addition 15 hours of post license education are required - Exam: must pass the real estate salespersons examination - Insurance: must provide proof of errors and omissions insurance - Fees: $100 application fee; $100 renewal fee