Payment and issuance of limited warranty deed
Arkansas Code § 26-37-202; Acts 1987, No. 814, § 6
(a)
(1) Payment by certified funds:
- (A) Is due and payable upon notice that a bid is successful; and
- (B) Must match the total amount of the bid less earnest money paid.
- (2) Payments made after the ten-business-day payment period or made with insufficient funds will cancel the sale and the bidder shall forfeit the payment of the earnest money of each parcel purchased.
- (3) Additionally, the purchaser may be prohibited from bidding in any or all future auctions.
- (b) After the unsold-property auction closing date and receipt of payment in full of the bid amount, the Commissioner of State Lands shall issue a limited warranty deed in the name of the successful bidder.