Ponderay

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.

Closings are handled through escrow. Conveyance is by warranty deed or corporate deed, though often there are contracts of sale involved. Either mortgages or deeds of trust may be the security instruments. Deeds of trust which include power of sale provisions are restricted to properties in incorporated areas and properties elsewhere which don’t exceed 20 acres. After the notice of default has been recorded, deed-of-trust foreclosures take at least 120 days, and there’s no redemption period. Judicial foreclosures for mortgages take about a year, depending upon court availability, and there’s a 6-12 month redemption period after that, depending on the type of property involved. Idahoans use ALTA policies and various endorsements. Buyers and sellers split escrow costs in general and negotiate who’s going to pay the title insurance premiums. There are no documentary taxes, mortgage taxes, or transfer taxes, but there are property taxes, and they’re due annually in November and delinquent on December 20th or semiannually on December 20th and June 20th. Idaho is a community-property state.

Due annually in Nove mber and semiannually on December 20th and June 20th

No. A real estate broker's license is has not been required to manage rental property in Idaho since 1981, when In 1981 the Idaho legislature could not come to an agreement on which real estate activities should be regulated. However, if a lease or offer to lease includes options to sell, or other language regarding the sale of the property, that would be considered a covered activity requiring a real estate broker's license.

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