Prior to auction day... encumbrances are filed against the property. registration card and return the completed You may also consider consulting a local form to a COSL employee. Keep the opposite How can I find out what the property title company or abstractor to perform a half as your bidder number. is and where it is located? title search to be certain. However, funds expended for this type of research are not How are properties offered at the The Commissioner of State Lands (COSL) recoverable. auction? office is provided with the property’s legal description and tax information upon Are liens, mortgages, judgments, or The parcels are offered in sale number order. certification. As a service to prospective other encumbrances extinguished by This is the same order as shown in the catalog buyers, we maintain a link to the tax the tax sale? and on our website. The minimum bid is the assessor’s property cards online. This can be amount of taxes, interest, penalty and costs found under the auction catalog at www.cosl. The COSL attempts to provide notice to all due as of the sale date and is listed in the org and by clicking on the parcel number. interested parties that are identified and catalog. Properties will be sold to the highest Physical addresses may be listed on the made known to him. If an interested party bidder. The Commissioner reserves the right property cards maintained by the assessor. receives proper notice of a sale and fails to to reject any or all bids. It is highly recommended that you further protect its interest by redemption of the taxes, research the property to determine its that interest may be extinguished. How do I pay if I am the successful location and condition and any photos that bidder? are on the property card may not be up to Some liens and assessments such as city liens, date. It may be necessary for you to research improvement district taxes and property The first one hundred dollars of each public information, such as plat maps within owner’s fees will most likely transfer with the parcel purchased must be paid in cash. the county assessor’s office. The State Land property and become your responsibility as For example, if you were to purchase three Surveyor’s Office also maintains a retrieval the new owner. properties, you will need to have $300 in search online at www.plat.arkansas.gov. cash. Your remaining balance can be paid It is not uncommon for tax delinquent by cash, personal check, cashier’s check, Ultimately, be certain of what you are bidding properties to be encumbered by Internal money order, or by credit card if there is on before you bid. Revenue Service liens. Federal law provides an internet connection available at the sale some protection from tax sales to the IRS. site. Credit card transactions are subject to What are ‘interested parties’? Purchasers should contact the IRS for a non-refundable processing fee charged information on how to redeem or satisfy liens by the credit card terminal provider. This Interested parties are individuals or held by the agency. fee is figured on a sliding scale based on the companies that have a filed and recorded amount being charged. interest in the property at the time of Day of the auction... certification. They may hold a lien, mortgage, You must pay in full immediately following judgment, or other encumbrance on the How do I register to bid? the auction. There will not be additional time subject property. Properly recorded liens given for purchasers to travel to their bank or and encumbrances are filed with the circuit Registration begins 30 minutes before each retrieve monies elsewhere. Please have your clerk’s office. You will need to do your own auction at the sale site. There is no fee to payment ready. research to determine what, if any, liens and register. Simply fill out a numbered bidder After the auction... During this period, purchasers should not make any major changes or improvements When do I receive a deed to the to the property. If the sale is overturned in property I am purchasing? court, the purchaser will generally be entitled to a refund in full of the purchase price from Purchasing Tax After paying in full for your purchase, the COSL. you will receive a Purchaser’s Certificate. Delinquent Property This document does NOT convey title or In most cases, purchasers of tax delinquent ownership to the property. It simply states land will be required to obtain a decree of that you have paid in full for your purchase quiet title as a prerequisite to the issuance of at Public Auction at the auction. The delinquent owner still title insurance. Purchasers of tax delinquent maintains the right to redeem the property land should be prepared to incur additional for 10 business days after the auction. expenses in order to gain clear title to the property. Such additional costs can include If the taxes are not paid, a Limited Warranty attorney fees as well as title and abstracting R OF S Deed will be issued to the purchaser. The fees. Purchasers are encouraged to consult NE TA O T deed will then be sent to the circuit clerk’s attorneys in private practice or title and I E S S L office in the county where the property abstract professionals in order to understand I A

is located to be filed of record. Following the risks involved. M N D

recordation, the deed will then be forwarded M

S

O to the purchaser at the address provided What if the parcel I purchased is C on the deed. This is the only deed the redeemed? Commissioner of State Lands will issue to the AR S property. If a parcel is redeemed, a full refund will be KANSA issued to the purchaser, no interest accruing. What is a Limited Warranty Deed? Please allow a minimum of 30 days for your refund to be processed. A Limited Warranty Deed is the deed that the Commissioner of State Lands issues For additional information about purchasing purchasers of tax delinquent property. It is tax delinquent property from the Arkansas Commissioner basically the equivalent of a quitclaim deed Commissioner of State Lands office, please and only transfers the interest the state held call 501-324-9422 or find us on the web at of in the property. The COSL does not guarantee www.cosl.org. usability, accessibility, or existence of the State Lands property nor can it guarantee or warrant clear Arkansas Commissioner of State Lands title to the property. Tommy Land, Commissioner State Capitol Building Tommy Land, Commissioner The sale is also subject to a 90 day litigation 500 Woodlane Street, Suite 109 period beginning after the date of conveyance. Little Rock, AR 72201-1003