Overland Park

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.

Title companies, lenders, real estate agents, attorneys, and independent escrow firms all conduct closings. Anyone who conducts a title search must be a licensed abstracter, a designation one receives after passing strict tests and meeting various requirements. Because many land titles stem from Indian origins, deeds involving Indians as parties to a transaction go before the Indian Commission for approval. Conveyance is by warranty deed. Mortgages are the customary security instruments. Judicial foreclosures, the only ones allowed, take about 6 months from filing to sale. Redemption periods vary, the longest being 12 months. Kansans use ALTA policies and endorsements. Buyers and sellers divide closing costs. Buyers pay the lender’s policy costs and the state mortgage taxes; sellers pay for the owner’s policy. Property taxes come due November 1st, but they needn’t be paid in a lump sum until December 31st. They may also be paid in two installments, the first on December 20th and the second on June 20th.

Due November 1st and paid in two installments, December 20th and June 20th

IT DEPENDS. Key components of property management (renting and leasing) are considered real estate activities under existing Kansas real estate licensing laws as they apply to nonresidential property only. Therefore, a real estate broker's license is not required if the property being rented out or leased is a residential property. A license is required if the property is commercial. A salesperson working under a broker may engage in such activities.

YES. For example, if that property manager owns 5% or greater in the business or association that owns the commercial property, a real estate broker's license is not required. For more information about these and other Kansas property management requirements and exceptions, please contact the Kansas Real Estate Commission. Before hiring a property manager to manage your Kansas rental property, you should always check that he or she is licensed appropriately. You can check the license status of Kansas property managers by name or by company.

NO. A broker's license is not required to manage community associations or condo associations in Kansas.

Kansas real estate broker licensing requirements include: - Age: must be 18 or more years of age - High School: must have high school diploma or its equivalent - Trustworthiness: submit finger prints and submit to background check - Education: must pass 24-hour Broker's Pre-License course approved by the Kansas Real Estate Commission - Exam: must pass general and state portions of the Kansas licensing examination within 12 months of the course completion date - Experience: must be licensed as a salesperson in Kansas, or as a salesperson or broker in another jurisdiction, and ACTIVELY ENGAGED in activities which require a license in Kansas for at least two years during the last five years - Application: must be filed within 6 months of passing the exam

Kansas real estate salesperson licensing requirements include: - Age: must be 18 or more years of age - High School: must have high school diploma or its equivalent - Trustworthiness: submit finger prints and submit to background check - Education: must pass 30-hour Salesperson's Pre-License course approved by the Kansas Real Estate Commission - Exam: must pass general and state portions of the Kansas licensing examination within 12 months of the course completion date - Application: must be filed within 6 months of passing the exam