An Alaska residential purchase agreement is a legally binding document used by a buyer to propose terms for the purchase of a residential property from a seller. The contract outlines details such as purchase price, deposit, closing date, and any contingencies or conditions that must be met for the sale to proceed. It also specifies the responsibilities of both parties regarding financing, closing costs, and property inspections.
Typically, the buyer fills out the form with guidance from a real estate broker, who reviews each section in detail. After completion, the form is presented to the seller and their agent. The seller then has the option to accept, reject, or propose modifications to the offer, initiating negotiations until a mutually agreeable contract is formed.
State Laws
- Carbon Monoxide: All dwellings must have installed and properly maintained carbon monoxide detectors. [1]
- Trust Accounts: Escrow deposits must be held by a broker in a designated trust account. [2]
Required Seller Disclosures
Lead-Based Paint Disclosure
Homes built before 1978 must include a disclosure about any lead presence and provide educational materials on the associated risks during property transfer (42 U.S. Code § 4852d).
Property Disclosure Statement (Form 08-4229)
The seller must provide a property disclosure statement detailing the buyer's responsibility to check for nearby sex offenders and potential agricultural nuisances (AS 34.70.010 - 34.70.200).
Real Estate Commission Consumer Disclosure
Real estate agents must present a disclosure document to consumers before conducting business, and both sellers and buyers using an agent must complete it (AS 08.88.600 – 08.88.695).
Do Sellers in Alaska Have to Disclose Property Defects?
Yes, sellers in Alaska are required to disclose property defects. This ensures buyers are aware of significant issues before completing the purchase.
Unlike in some states where the principle of “caveat emptor” (let the buyer beware) applies and buyers must find defects themselves, Alaska’s disclosure requirement helps protect buyers from hidden problems and legal complications.
