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.
Required Seller Disclosures in Alaska
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Alaska, you will also need to complete the following paperwork in addition to the purchase agreement:
Residential Real Property Transfer Disclosure Statement. (AS 34.70.010-34.70.200) In Alaska, the property disclosure form must be completed by the seller and given to the buyer. Thereafter, the agreement will be considered legally binding.