# Ark. Code Ann. § 18-60-1010: Open-market sale, sealed bids, or auction > Arkansas · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1010 ## Section - **Citation:** Ark. Code Ann. § 18-60-1010 - **Heading:** Open-market sale, sealed bids, or auction - **Jurisdiction:** Arkansas - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** AR Code / Title 18 / Chapter 60 / Subchapter 10 / Section 18-60-1010 ## Text (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. (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. (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. rchase 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. (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. (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. ## Nearby sections - [Ark. Code Ann. § 18-60-1001 Short title](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1001.md) - [Ark. Code Ann. § 18-60-1002 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1002.md) - [Ark. Code Ann. § 18-60-1003 Applicability - Relation to other law](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1003.md) - [Ark. Code Ann. § 18-60-1004 Service - Notice by posting](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1004.md) - [Ark. Code Ann. § 18-60-1005 Commissioners](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1005.md) - [Ark. Code Ann. § 18-60-1006 Determination of value](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1006.md) - [Ark. Code Ann. § 18-60-1007 Cotenant buyout](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1007.md) - [Ark. Code Ann. § 18-60-1008 Partition alternatives](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1008.md) - [Ark. Code Ann. § 18-60-1009 Considerations for partition in kind](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1009.md) - [Ark. Code Ann. § 18-60-1010 Open-market sale, sealed bids, or auction](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1010.md) - [Ark. Code Ann. § 18-60-1011 Report of open-market sale](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1011.md) - [Ark. Code Ann. § 18-60-1012 Uniformity of application and construction](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1012.md) - [Ark. Code Ann. § 18-60-1013 Relation to Electronic Signatures in Global and National Commerce Act](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1013.md) - [Ark. Code Ann. § 18-60-1014 Effective date](https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1014.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AR_T18_C60_S10_S18-60-1010. Check the current official text before relying on it. Not legal advice.