The Alaska residential real estate purchase agreement (“residential real property purchase and sale agreement”) is a contract that outlines the terms of a residential property deal between a buyer and a seller. It binds a buyer and a seller to a definite transaction as described in detail in the contract.
Do Sellers in Alaska Have to Disclose Property Defects?
Alaska does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Alaska
Along with any material defects with the property, sellers in Alaska will also need to provide the following:
- Residential Real Property Transfer Disclosure Statement. In Alaska, the property disclosure form must be completed by the seller and given to the buyer.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- Real Estate Agent Disclosure. Sellers and buyers in Alaska are required to fill out this form if they utilized a real estate agent.
