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.
Do Sellers in Alaska Have To Disclose Property Defects?
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.
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 constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
- Real Estate Agent Disclosure: Sellers and buyers in Alaska must fill out this form if they utilize a real estate agent.
Sources
- 1 Alaska Stat. § 34.70.070
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The requirements of this chapter do not affect other obligations for disclosure required by law.
Source Link - 2 Alaska Stat. § 34.70.040
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(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.
Source Link - 3 Alaska Stat. § 34.70.010
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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.
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