{"data":{"id":"us-ar/ark.-code-ann.-18-60-1010","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 18-60-1010","heading":"Open-market sale, sealed bids, or auction","body":"(a) If the court orders a sale of heirs property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group. (b) If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this state to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this state to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court. (c) If the broker appointed under subsection (b) obtains within a reasonable time an offer to purchase the property for at least the determination of value: (1) the broker shall comply with the reporting requirements in § 18-60-1011 ; and (2) the sale may be completed in accordance with state law other than this subchapter. (d) If the broker appointed under subsection (b) does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may: (1) approve the highest outstanding offer, if any; (2) redetermine the value of the property and order that the property continue to be offered for an additional time; or (3) order that the property be sold by sealed bids or at an auction. (e) If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction must be conducted under § 18-60-401 et seq. (f) If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds. Added by Act 2015, No. 107,§ 1, eff. 1/1/2016.\n\n(a) If the court orders a sale of heirs property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.\n\n(b) If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this state to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this state to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court.\n\n(c) If the broker appointed under subsection (b) obtains within a reasonable time an offer to purchase the property for at least the determination of value: (1) the broker shall comply with the reporting requirements in § 18-60-1011 ; and (2) the sale may be completed in accordance with state law other than this subchapter.\n\n(1) the broker shall comply with the reporting requirements in § 18-60-1011 ; and\n\n(2) the sale may be completed in accordance with state law other than this subchapter.\nrchase the property for at least the determination of value: (1) the broker shall comply with the reporting requirements in § 18-60-1011 ; and (2) the sale may be completed in accordance with state law other than this subchapter.\n\n(1) the broker shall comply with the reporting requirements in § 18-60-1011 ; and\n\n(2) the sale may be completed in accordance with state law other than this subchapter.\n\n(d) If the broker appointed under subsection (b) does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may: (1) approve the highest outstanding offer, if any; (2) redetermine the value of the property and order that the property continue to be offered for an additional time; or (3) order that the property be sold by sealed bids or at an auction.\n\n(1) approve the highest outstanding offer, if any;\n\n(2) redetermine the value of the property and order that the property continue to be offered for an additional time; or\n\n(3) order that the property be sold by sealed bids or at an auction.\n\n(e) If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction must be conducted under § 18-60-401 et seq.\n\n(f) If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.","path":["AR Code","Title 18","Chapter 60","Subchapter 10"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"564a61810f1dcd6bc31973be132f0c86d88752cd9afc5ed974efb89e99043700","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-18-60-1009","next":"us-ar/ark.-code-ann.-18-60-1011"},"notice":"GroundRules: Original legal text. Not legal advice."}