DID YOU KNOW?
Selling a Residential Property in the State of Alaska, requires completion of a property disclosure.
WHAT IS A PROPERTY DISCLOSURE?
A State of Alaska Residential Real Property Transfer Disclosure Statement discloses material facts about the property from sellers to any prospective buyers. We recommend that you familiarize yourself with the document before listing your home for sale.
As a buyer, you should always verify you have received this document, be persistent if you must! Even if you are purchasing a “For Sale By Owner” property, this document is still required according to the state of Alaska.
Both buyers and sellers can find a copy of the State of Alaska Residential Real Property Transfer Disclosure Statement here. Questions about this document should always be referred to an attorney.
WHAT IF I DON’T DISCLOSE EVERYTHING?
Filling out disclosures honestly is to your benefit in the long run. Perhaps you had pipes freeze two years ago, but have not seen any damage or have already made repairs. You may be tempted to not disclose this information, believing buyers would find your home substandard or riddled with problems. By disclosing the information, the buyer can then have proper inspections completed to determine if any issues are still present. If you chose not to disclose and an issue was found after the sale, you could be held liable.
WHAT IF I DON’T LIVE IN THE PROPERTY I’M SELLING?
You are still required to complete the disclosure to the best of your abilities. If you have no information regarding the property, and the buyer agrees, a waiver in writing may be completed.
I’M SELLING MY HOME MYSELF, IS THIS STILL REQUIRED?
Yes, property disclosures are required when selling residential property in the state of Alaska. We always recommend working with a real estate agent, as they will know the documents required, and can significantly reduce unnecessary stress in the home buying and selling process.