An Alaska residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Alaska does require real estate sellers to disclose any material defects. For the most important items, this is done through a standardized disclosure form provided by state law. Alaska does allow the buyer and seller to waive the use of this disclosure by mutual agreement, but this does not affect the seller’s legal obligation to disclose all known property defects. [1]
If the seller discovers defects in the property after delivery of the disclosure form, the seller does not have to execute a new disclosure form, but must add an amendment to the disclosure specifying the newly discovered defects. [2]
Alaska state law considers the property disclosure statement properly delivered when it’s given to either the buyer or the buyer’s spouse, unless there is a specific agreement otherwise. [3]
The requirements of this chapter do not affect other obligations for disclosure required by law.
(a) If information in a disclosure statement becomes inaccurate as a result of an act or agreement after the disclosure statement is delivered to the transferee, the resulting inaccuracy does not violate this chapter and the transferor is required to deliver an amendment for the disclosure statement to the transferee.
(b) If an item that is required in the disclosure statement is unknown or is unavailable to the transferor, and if the transferor or the transferor’s agent has made a reasonable effort to ascertain the information, the transferor may insert an approximation of the information. The approximation must be reasonable, clearly identified as an approximation, based on the best information available to the transferor or the transferor’s agent, and not used to avoid the requirements of this chapter.
Before the transferee of an interest in residential real property makes a written offer, the transferor shall deliver by mail or in person a completed written disclosure statement in the form established under AS 34.70.050. Delivery to the spouse of the transferee constitutes delivery to the transferee unless the transferor and the transferee agree otherwise before the delivery.
How Do You Write a Real Estate Contract in Alaska? To write a real estate contract in Alaska, you will need to identify and document the terms and conditions of the real property sale. The contract should include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get out of a Real Estate Contract in Alaska? According to Alaska law (AS 34.70.020), a buyer may get out of a residential real estate contract by delivering a written notice of termination to the seller within three days of receiving the Residential Real Property Transfer Disclosure Statement. Read more » What Is the Effective Date of a Real Estate Contract in Alaska? In Alaska, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Alaska? In Alaska, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill out a Real Estate Contract in Alaska? To fill out a real estate contract in Alaska, first, download our customizable Alaska real estate contract template. Filling out the template is fairly straightforward, complete the names, party type, and address along with the terms and conditions of the deal for each party. Read more »
