A licensee in Alaska is reviewing a fully executed residential purchase and sale agreement. Under AS 34.70 and 12 AAC 64, which of the following items is the seller EXCEPT required to disclose on the statutory seller disclosure statement?
Correct Answer
C) The seller's original purchase price paid for the property
The seller's original purchase price is NOT required to be disclosed on the Alaska seller disclosure statement under AS 34.70. The disclosure statute focuses on the physical condition of the property — known material defects, permafrost conditions, flooding history, drainage problems, and similar property-condition issues. Financial transaction history, including what the seller originally paid for the property, is not a required disclosure item under the statute. This information may be discoverable through public records but is not mandated by AS 34.70.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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