Download Alaska Purchase Agreement Form [PDF]

The purchase agreement is a legal document that the parties, the seller and the buyer, use to outline the terms and conditions of the sale and purchase of a certain property.

In most cases, however, the parties don’t transfer ownership rights by signing the purchase agreement but only provide the terms and conditions under which the sale is going to be completed.

Alaska Purchase and Sale Agreement Form

The parties can use the Alaska purchase agreement for real estate purchases, motor vehicle purchases, business purchases, and more. In general, this document should be used for transfers where the purchase price is higher than $500.

The main elements of the purchase agreement are information about the seller and the buyer, a description of the transferred property, the purchase price, and the terms of the transaction.

The Alaska purchase agreement is also known as the Alaska sale and purchase agreement, the Alaska purchase and sale agreement, the Alaska sales contract, or the Alaska sale and purchase contract.

Purchase Agreement Alaska Laws & Requirements

Laws & Requirements

Article 5 - Trust Accounts. The Alaska Administrative Code provides the rules for establishing and running the trust account for the purposes of real estate transactions. The real estate broker should establish the trust account in a federally insured bank authorized to do business in the state of Alaska (12 AAC 64.180).

Purchase Agreement Required Disclosures in Alaska

When transferring the property in Alaska, you should make the following disclosures:

Mandatory Disclosures

Lead-Based Paint Disclosure. Federal law provides that the property seller must provide all the information about the lead-based paint hazard to the property buyer. This is required for every property where there is a known lead-based paint hazard or if the building was constructed before 1978.
Real Estate Commission Consumer Disclosure. The realtors in Alaska must provide the consumers (sellers and buyers) with the pamphlet established under AS 08.88.685(b)(2) that outlines the realtor's duties. (AS 08.88.615(a)(6))
Property Disclosure Form. The seller must disclose all the relevant information about the property by filling out Form 08-4229. The seller must fill out and deliver this form to the buyer before they receive any written offer from the buyer.

Common Types of Purchase Agreements in Alaska

Here, you can see the purchase agreement types that are most commonly used in Alaska:

Types of Purchase Agreements

Residential real estate purchase agreement. This is the most commonly used type of purchase agreement. The parties use it for transferring apartments, houses, and other objects used for residential purposes.
Commercial real estate purchase agreement. This type of document is used for transferring commercial objects such as office spaces, warehouses, production facilities, and more.
Vehicle purchase agreement. Also known as the bill of sale. You can use it to record the purchase of any kind of motor vehicle.
Business purchase agreement. Parties often use it to outline the terms of a company purchase.
Land purchase agreement. You can use a land purchase agreement to provide terms for selling and purchasing agricultural, residential, commercial, or other kinds of land.
Stock purchase agreement. This type of purchase agreement is used for selling stocks and shares in companies.

Purchase Agreement in Alaska FAQ

Yes, the Alaska purchase agreement is a legally binding document once both parties, the seller and the buyer, sign it.
Yes, the purchase price is an important element of every purchase agreement template, and therefore, the Alaska purchase agreement must include it to be valid.
No, considering that with the purchase agreement, you are not transferring any legal rights, it doesn’t have to be notarized to be valid and legally binding.
One party can only back out of the Alaska purchase agreement if the contingencies provided in the purchase agreement are not met. Otherwise, the party that backed out can be responsible for covering the other party’s damages.