Alaska Residential Purchase and Sale Agreement

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Alaska Residential Purchase and Sale Agreement

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Last updated January 23rd, 2023

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The Alaska residential purchase and sale agreement is a contract used in the home-buying process to make a formal purchase offer on a single-family home, condo, multi-unit property, manufactured home, or other type of residential real estate. In addition to being used for making an offer, the contract establishes the fees the buyer is willing to cover, the closing costs, any contingencies, how the property will be financed, and other key terms and conditions.

The buyer typically completes the form with the assistance of a real estate broker, who will go through each section of the form with the buyer. Once completed, the form will be sent to the seller (and their agent), who will decide if they want to deny, accept, or re-negotiate the offer.

Contents

Required Disclosures (3)

Lead-Based Paint – United States Federal law requires prospective home buyers to be presented with a lead disclosure document and the EPA-approved pamphlet regarding identifying and controlling lead hazards if the property was built prior to 1978.

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Real Estate Commission Consumer Disclosure (AS 08.88.615(a)(6) and 08.88.685) – Alaska requires that realtors present this disclosure document to consumers (individuals involved in buying and selling real estate) before doing business with them.

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Property Disclosure Statement (AS 34.07.010 and 34.07.050) – The seller of real property must provide the buying party with this disclosure before any offer is made by the buyer. Furthermore, three (3) provisions that must be included in a PDS by law are 1) the buyer is responsible for performing a sex offender search in the vicinity; 2) information on where the buyer can perform a sex offender search; and 3) the buyer is responsible for determining whether the property is near an agricultural facility that produces odor, fumes, noises, and other inconveniences.

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