An Alaska property disclosure statement is a multipage document that is completed by the seller of residential real estate prior to receiving a written offer to purchase from an interested party. The document informs the potential buyer of the major features and components of the property as well as any defects, damage, legal issues, and/or restrictions that are currently affecting the property.
The importance of completing the form accurately is paramount, as the seller can be held liable for any issues not disclosed to the buyer prior to executing a purchase agreement. Furthermore, if the seller purposefully withholds information, they could be responsible for up to three times (3x) the cost of damages that result from the undisclosed issues.
Laws – AS 34.07.010
Purchase Agreement – Prior to signing a purchase agreement to transfer the ownership of real estate, the seller will also need to supply a lead-based paint disclosure if the building was constructed pre-1978, and any licensee representing the seller must provide a Real Estate Commission Consumer Disclosure.