Updated April 15, 2024
An Alaska purchase and sale agreement is a contract that allows an individual to submit an offer to buy real estate. The offer only turns into an agreement once it has been signed by the seller and acceptance has been provided.
Before the agreement can be made final, in accordance with AS 34.70.010, the property disclosure form must be completed by the seller and given to the buyer. Afterward, the agreement will be considered legally binding to both parties. In most cases, if the buyer does not perform with the purchase of the property, their escrow payment shall be surrendered to the seller.
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State Laws
Carbon Monoxide – It is required that carbon monoxide detectors are installed and maintained in all dwellings.[1]
Trust Accounts – A broker must hold escrow deposits in a trust account.[2]
Required Disclosures (3)
Lead-Based Paint Disclosure – Per federal law this document must be given to all buyers of real estate if the residence was constructed prior to 1978.
Download: PDF
Property Disclosure Form – Also known as Form 08-4229, prior to agreeing to any offer the seller must provide the buyer a completed real estate disclosure form, in accordance with AS 34.70.050, which is provided by the Alaska real estate commission.[3]
Download: PDF
Real Estate Commission Consumer Pamphlet – Required to be authorized if a real estate agent is working with one (1) of the parties.[4]
Download: PDF
Other Information
Drug Manufacturing Sites – The State of Alaska maintains a database of properties that have been used as illegal drug manufacturing sites. Common in the case of methamphetamine usage.
Prohibited Trust Account Activity – A broker or holder of escrow funds, such as a deposit for the purchase of property, must hold and pay the funds in accordance with State law.[2]
Sex Offender Registry – It is the responsibility of the buyer to be informed about the surrounding individuals.[5]
Commercial Property
Commercial Purchase Agreement – Use as a legal contract to purchase or sell any type of commercial property.
Download: PDF, MS Word, OpenDocument