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Non-Judicial
Real estate closings are handled through escrow. Conveyance is by warranty deed, corporate deed, or grant deed. Mortgages, deeds of trust, and unrecorded contracts of sale are the security instruments. Mortgages require judicial foreclosure, and there’s a 6-12-month redemption period following sale. Foreclosure on deeds of trust involves filing a notice of default and then holding a trustee sale 120 days later. Montanans use ALTA policies and endorsements. Buyers and sellers split the escrow and closing costs; sellers usually pay for the title insurance policies. There are no documentary, mortgage, or transfer taxes. Montanans may pay their property taxes annually by November 30th or semi-annually by November 30th and May 31st.
Due annually by November 30th or semi-annually on November 30th and May 31st
NO. Property managers in Montana are not required to hold a broker's license. However, a separate property management license IS required to engage in property management activities in Montana. Licensing is defined by statute as: An act performed for compensation of any kind in the leasing, renting, subleasing, or other transfer of possession of real estate owned by another without transfer of the title to the real estateâ??
Yes, for example, certain relatives of the owner of real estate are exempt from the licensure requirement. For more information about these and other Montana property management requirements and exceptions, please contact the Montana Board of Realty Regulation. Before hiring a property manager to manage your Montana rental property, you should always check that he or she is licensed appropriately. You can check the license status of Montana property managers at the Montana Department of Labor and Industry's Professional and Occupational Licensing System.
A broker's license is not required to manage community associations or condo associations in Montana.
Real estate closings are handled through escrow. Conveyance is by warranty deed, corporate deed, or grant deed. Mortgages, deeds of trust, and unrecorded contracts of sale are the security instruments. Mortgages require judicial foreclosure, and there’s a 6-12-month redemption period following sale. Foreclosure on deeds of trust involves filing a notice of default and then holding a trustee sale 120 days later. Montanans use ALTA policies and endorsements. Buyers and sellers split the escrow and closing costs; sellers usually pay for the title insurance policies. There are no documentary, mortgage, or transfer taxes. Montanans may pay their property taxes annually by November 30th or semi-annually by November 30th and May 31st.
Due annually by November 30th or semi-annually on November 30th and May 31st
Warranty deed, corporate deed, or grant deed.
