Title 18, Property

(a) (1) A power of attorney, acknowledged or proved and certified as prescribed by this act, may be revoked by the maker of the power of attorney or his or her legal representatives.(2) The revocation shall be in writing acknowledged or proved before the proper court or officer a…

(a) By joining with his or her spouse in the execution of power of attorney, or by separate instrument, a married person may appoint an agent or attorney in fact and authorize him or her, for and in the person's name and stead, to relinquish all rights and possibility of dower, c…

If any person shall convey any real estate by deed purporting to convey it in fee simple absolute, or any less estate, and shall not at the time of the conveyance have the legal estate in the lands, but shall afterwards acquire it, then the legal or equitable estate afterwards ac…

Any person claiming title to any real estate, notwithstanding there may be an adverse possession thereof, may sell and convey his or her interest in the same manner and with like effect as if he or she were in the actual possession of the real estate.

Every interest in real estate granted or devised to two (2) or more persons, other than executors and trustees as such, shall be in tenancy in common unless expressly declared in the grant or devise to be a joint tenancy.

(a) (1) The appearance of the words “trustee”, “as trustee”, or “agent” following the names of the grantee in any deed of conveyance of land executed, without other language showing a trust, shall not be deemed to give notice to, or put on inquiry, any person dealing with the lan…

(a) (1) All deeds of conveyance made by an administrator, an executor, a guardian, or a commissioner, deeds of real estate sold under an execution made and executed by a sheriff, and deeds made and executed by a trustee or an attorney pursuant to a foreclosure of a deed of trust …

(a) In all cases in which, by the laws of this state, the Governor is required to execute any deed of conveyance or patent for any lands sold or granted by the state, the deed of conveyance or patent, when executed by the Governor and countersigned by the Secretary of State, and …

(a) All sales of real estate which was the property of any corporation organized under the laws of the State of Arkansas, when the corporation has expired or ceased to exist, either by limitations, judgment of court, forfeiture of its charter, legislative act, or by surrender of …

(a) (1) (A) A beneficiary deed is a deed without current tangible consideration that conveys upon the death of the owner an ownership interest in real property other than a leasehold or lien interest to a grantee designated by the owner and that expressly states that the deed is …

(a) The title to any real property located within the State of Arkansas based upon a deed resulting from a delinquent tax sale is marketable if:(1) The tax deed has been of record for more than fifteen (15) years;(2) Any taxes due have been paid by the tax deed grantee or the hei…

This subchapter shall be known and may be cited as the “Disbursement of Funds as Part of Real Estate Closing and Settlement Services Act”.

(1) As used in this subchapter:(1) “Available for immediate withdrawal as a matter of right” means the following:(A) For any item or draft, when the item or draft has been submitted for collection and payment received; and(B) For any deposited item or draft, when final settlement…

(a) (1) No person, firm, partnership, corporation, or other entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawal as a matt…

This chapter shall be known as the “Horizontal Property Act”.

(1) As used in this chapter:(1) (A) “Apartment” means a physical portion of the property that:(i) Is subject to a master deed designated for separate ownership or occupancy, the boundaries of which are described by the master deed and delineated on the plans provided for in § 18-…

(a) A horizontal property regime may be created under this chapter only by recording a master deed executed in the same manner as a deed by all persons who have an interest in the real property that will be conveyed to an owner of an apartment or unit and by every lessor of a lea…

(a) The master deed creating and establishing the horizontal property regime shall be:(1) Executed by the declarant or owner or owners of the real property making up the horizontal property regime; and(2) Recorded in the office of the clerk and ex officio recorder of the county w…

(a) (1) There shall be attached to the master deed, at the time it is filed for record, a full and exact copy of the plans of any existing building on the property or the plans for the building or buildings to be constructed thereon. The copy of the plans shall be entered of reco…

(a) The sole owner or co-owners of property constituted and established under this chapter as a horizontal property regime may, by description of their intentions in the master deed provided for in § 18-13-104, provide for the addition of apartments or units in the horizontal pro…

(a) All of the co-owners or the sole owner of a building or property constituted into a horizontal property regime may waive this regime and regroup or merge the records of the individual apartments, or anticipated apartments, with the principal property if the individual apartme…

(a) The administration of every building constituted into horizontal property shall be governed by bylaws which shall be inserted in, or appended to, and recorded with the master deed. (b) The bylaws must necessarily provide for at least the following:(1) Form of administration, …

(a) The sole owner of the building or, if there is more than one (1), the co-owners representing two-thirds (⅔) of the total value of the building may, at any time, modify the system of administration, but each one of the particulars set forth in § 18-13-108 shall always be embod…

(a) The administrator, the board of administration, or other form of administration specified in the bylaws shall keep a book with a detailed account, in chronological order, of the receipts and expenditures affecting the building and its administration and specifying the mainten…

Once the property is submitted to the horizontal property regime, an apartment in the building may be individually conveyed and encumbered and may be the subject of ownership, possession, or sale and of all types of juridic acts intervivos or causa mortis as if it were sole and e…

(a) (1) An apartment owner or unit owner shall have the exclusive ownership of his or her apartment or unit and shall have a common right to a share, with the other co-owners, in the common elements of the property as stated in the master deed.(2) The master deed may provide diff…

Any apartment may be held and owned by more than one (1) person as joint tenants, as tenants in common, as tenants by the entirety, or in any other real estate tenancy relationship recognized under the laws of this state.

(a) The common elements, both general and limited, shall remain undivided and shall not be the object of an action for partition or division of the co-ownership. Any covenant to the contrary shall be void. (b) Each co-owner may use the elements held in common in accordance with t…

(a) Any conveyance or other instrument affecting title to an apartment which describes the apartment by using the plan letter or number followed by the words “in Horizontal Property Regime” shall be deemed to contain a good and sufficient description for all purposes. (b) Any con…

(a) (1) The co-owners of an apartment or unit are bound to pay according to the percentages established by a master deed toward:(A) The expenses of administration and of maintenance and repair of the general common elements and the limited common elements of the building; and(B) …

The co-owners may, upon resolution of a majority, insure the building against risk, without prejudice to the right of each co-owner to insure his or her apartment on his or her own account and for his or her own benefit.

(a) In case of fire or any other disaster, the insurance indemnity shall, except as provided in subsection (b) of this section, be applied to reconstruct the building. (b) Reconstruction shall not be compulsory when it comprises the whole or more than two-thirds (⅔) of the buildi…

(a) When the building is not insured or when the insurance indemnity is insufficient to cover the cost of reconstruction, the new building costs shall be paid by all the co-owners directly affected by the damage in proportion to the value of their respective apartments, or as may…

(a) (1) Taxes, assessments, and other charges of this state, of any political subdivision, of any special improvement district, or of any other taxing or assessing authority shall be assessed against and collected on each individual apartment.(2) Each tax, assessment, or other ch…

This chapter shall be known and may be cited as the “Arkansas Time-Share Act”.

(1) As used in this chapter:(1) “Accommodation” means an apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or other private or commercial structure that:(A) Is affixed to real property;(B) Is designed for occupancy or use by one (1) or more individual…

(a) This chapter applies to a time-share plan established after February 25, 1983, under § 18-14-201 et seq., § 18-14-401 et seq., and § 18-14-501 et seq. (b) This chapter does not apply to the offer or sale of a time-share interest if the use extends over a period of three (3) y…

(a) (1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold.(2) This section super…

A zoning, subdivision, or other ordinance or regulation shall not discriminate against the establishment of time-share interests or impose a requirement upon a time-share plan that it would not impose upon a similar development under a different form of ownership.

(a) The Arkansas Real Estate Commission may:(1) Set fees;(2) Adopt, amend, and repeal rules;(3) Issue orders consistent with this chapter;(4) Prescribe forms and procedures for submitting information to the commission;(5) Accept grants-in-aid from any governmental source;(6) Cont…

(a) (1) (A) A developer shall not offer or dispose of a time-share interest unless the time-share plan is registered with the Arkansas Real Estate Commission.(B) However, a developer may accept a reservation together with a deposit if the deposit is:(i) Placed in an escrow accoun…

(a) An abbreviated registration with the Arkansas Real Estate Commission may be accepted if the developer is registered and has issued a public offering statement or similar disclosure document that is provided to purchasers under any of the following:(1) Securities Act of 1933, …

(a) An application for registration of a time-share plan shall contain:(1) The public offering statement;(2) A brief description of the time-share property;(3) Copies of time-share instruments;(4) Financial statements prepared according to generally accepted accounting principles…

(a) A developer shall amend or supplement its registration to report a material change in the information required by § 18-14-204. (b) (1) If there is a material change in a registration document, the developer shall file an amendment with the Arkansas Real Estate Commission to r…

(a) (1) Except as otherwise provided, the effective date of the registration or any amendment is forty-five (45) days after its filing or such earlier date as the Arkansas Real Estate Commission may determine, having regard for the public interest and the protection of purchasers…

(a) (1) The Arkansas Real Estate Commission may require a developer to alter or supplement the form or substance of a public offering statement to assure adequate and accurate disclosure to prospective purchasers.(2) The commission may require that certain disclosures contained i…