Under the Alaska Seller Disclosure Act (AS 34.70), a seller of a residential property consisting of four units is required to provide a written disclosure statement to the buyer. To which type of property does this statutory disclosure requirement apply?
Correct Answer
D) Residential real property consisting of one to four units
AS 34.70, the Alaska Seller Disclosure Act, specifically applies to the sale of residential real property consisting of one to four units. This is the same scope as the federal lead-based paint disclosure requirement and is a commonly tested point on the Alaska state exam. The seller of a one-to-four-unit residential property must provide the buyer with a written disclosure statement covering known material defects, permafrost conditions, flooding history, and other property-specific conditions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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