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Alaska real estate laws – key facts and information

HomeAlaska Real EstateAlaska real estate laws – key facts and information

Alaska real estate laws and regulations cover many issues, including the landlord-tenant relationship.

The real estate commission of the state governs the laws concerning the real estate issues.

It is essential for an individual to have a clear understanding of legal matters when it comes to buying, selling or even leasing property or an estate.

Common real estate laws include:

  • Landownership laws:

These include issues supporting state, federal, native and private land laws.

  • Disclosure laws:

Every issue regarding buyer and seller agreements is based on this law.

The most significant investment any American makes is a residence. So, it is vital to protect that asset.

It is also imperative to protect their rights while buying or selling the property.

Like the other American states, Alaska has its own real estate laws. Real estate industry governs by the statutes and regulations of Alaska.

Specific statutes and regulations (AS 08.08 and 12 AAC 64) govern real estate industry practice.

If you are looking for a home in Alaska, then you need to consider the following:

  • Extreme weather conditions.
  • Permafrost.
  • Rising Heating costs.
  • Soaring home prices.

However, there are service members who will make your purchase easier.

If you are going to buy a property in Alaska, then you can appoint a realtor as your representative. They will act on your behalf although the realtor doesn’t have the legal right to inspect the home or property.

You don’t have to worry about the realtor’s commissions or fees because in most cases this comes from the property seller.

That means you can easily hire a realtor on your behalf of you without paying any additional fees or commissions.

You can also buy a home or property without a realtor; this is called “for sale by owner”.

It is treated as a good deal. Then you can hire a real estate attorney if you don’t want to hire a realtor.

Buyer rights in Alaska real estate laws

Many purchase agreements don’t give the buyer the right to inspect the property.

The seller must have to provide the “State Alaska Real Estate property disclosure statement”.

It dictates that a seller must disclose the conditions of the property.

They also have to provide information regarding property defects.

Those defects could include:

  • Plumbing problems.
  • Water line problems.
  • Frozen water line problems.
  • Soil problems.
  • Permafrost.
  • Noise problems.
  • Damage by insects.
  • Previous fire cases.

A license is required to sell the property where any suicides or homicides happened within one year, and this information should be disclosed to the buyer.

In line with federal law, the seller must disclose any lead-based painting.

If a seller negligently violates his obligations or duties to disclose property defects, then the buyer can file a lawsuit for actual damages.

If a seller does this willfully, then the buyer can file a lawsuit for triple damage along with attorney fees and court fees.

Once a buyer finds their perfect property and decides to buy the property, both will prepare a purchase and sale agreement.

This will give the seller a time limit to perform the job. If the seller fails or doesn’t accept the offer prescribed by the agreement, then that agreement will be terminated.

Other Alaska real estate considerations

Alaska real estate contracts may vary, so it is essential to read the agreement very carefully.

If a seller defaults on the contract, then a buyer may cancel the contract and take back their earnest money. Moreover, the buyer may file a lawsuit against the seller for “Specific Performance.”

The buyer will gain a court order to convey the property under the terms of the contract which they originally signed.

It is prohibited to sign a new contract with a better deal without any proper cause.

The state suggests the buyer appoints a home inspector before buying a home because the lawsuit will take a long time.

If you have any questions and problems regarding Alaska Real Estate Laws, then you are most welcome to contact a qualified lawyer.

 

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