Explaining the Real Property Disclosure Form

Welcome to the Real Property Disclosure Form overview. This section is meticulously crafted to guide you, the consumer, through the essential steps of understanding and completing the Real Property Disclosure Form, a crucial document in the real estate transaction process. Our goal is to ensure that you are well-informed and comfortable with the details and conditions outlined in this form, which serves to promote transparency and agreement on the condition of the property involved in your transaction. To facilitate this, we have laid out a simple three-step process:

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    Review the Video

    We have developed a video tailored specifically for consumers like you. This video will walk you through how to accurately fill out the Real Property Disclosure Form, providing clarity and insight into each section and its importance.

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    Download the Form

    After familiarizing yourself with the process through the video, you will find a link to download the Real Property Disclosure Form itself. This enables you to review the form in detail and prepare to complete it with confidence.

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    Client Acknowledgement Form

    The final step involves filling out a "Client Acknowledgement Form." This form is your opportunity to acknowledge that you have reviewed the instructional materials provided and have received the Real Property Disclosure Form.

This structured approach is designed to protect your interests by ensuring you are fully informed about the details of the property and the disclosure process. Your understanding and cooperation in completing these steps are greatly appreciated and are key to a successful and transparent real estate transaction.

Client Acknowledgement

Please fill this out after you have completed reviewing the video and accessing the form.

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The written disclosure statement form in real estate in Alaska primarily serves to provide potential buyers with important information about the property they are considering purchasing. The key purposes of this form include:

  1. Disclosure of Property Condition: The form requires sellers to disclose known issues or defects with the property. This includes structural problems, issues with major systems (like plumbing or electrical), and any other material facts that could affect the buyer's decision.
  2. Legal Compliance: In many jurisdictions, including Alaska, sellers are legally obligated to disclose certain information about a property. The written disclosure form helps ensure that sellers meet these legal requirements.
  3. Protection for Buyers: By providing detailed information about the property's condition, the disclosure statement helps protect buyers from unknowingly purchasing a property with significant issues.
  4. Reducing Liability for Sellers: By disclosing known issues upfront, sellers can reduce their risk of future legal action for non-disclosure of property defects.
  5. Facilitating a Transparent Transaction: This form promotes transparency in the real estate transaction, helping to build trust between the buyer and seller and potentially avoiding disputes later on.

In Alaska, the legal requirement for submitting a property disclosure statement in real estate transactions is established by state law. The Alaska Statutes (specifically AS 34.70.010 - AS 34.70.200) govern the Residential Real Property Transfer Disclosure. Here are the key legal requirements:

  1. Mandatory Disclosure: Sellers of residential real property are required to provide a written disclosure statement to potential buyers. This statement must be given to the buyer before the transfer of property.
  2. Contents of the Disclosure: The form should include information about the property's condition, including any known defects or problems with various systems and components of the property, such as the roof, foundation, electrical, plumbing, heating, and more.
  3. Timing of Disclosure: The disclosure must be provided to the buyer before a formal offer is made. This allows potential buyers to make an informed decision about proceeding with the purchase.
  4. Amendments to Disclosure: If any information on the disclosure form changes significantly before the closing of the sale, the seller is required to update the disclosure form and provide it to the buyer.
  5. Buyer's Acknowledgment: Buyers are usually required to acknowledge in writing that they have received and reviewed the disclosure statement.
  6. No Waiver Allowed: In Alaska, the law does not allow buyers to waive the receipt of the disclosure statement.

It's important for sellers to understand and comply with these requirements, as failure to do so can lead to legal consequences, including the potential for a buyer to rescind the sale. Buyers should also be aware of their rights to receive this important information. For the most accurate and current information, consulting with a real estate attorney or a real estate professional knowledgeable in Alaska law is recommended.

Chapter 34.70.

DISCLOSURES IN RESIDENTIAL REAL PROPERTY TRANSFERS

Sec. 34.70.010. Disclosures in Residential Real Property Transfers.

Before the transferee of an interest in residential real property makes a written offer, the transferor shall deliver by mail or in person a completed written disclosure statement in the form established under AS 34.70.050. Delivery to the spouse of the transferee constitutes delivery to the transferee unless the transferor and the transferee agree otherwise before the delivery.

Sec. 34.70.020. Termination of Offer.

If a disclosure statement or material amendment is delivered to the transferee after the transferee has made a written offer, the transferee may terminate the offer by delivering a written notice of termination to the transferor or the transferor's agent within three days after the disclosure statement or amendment is delivered in person or within six days after the disclosure statement or amendment is delivered by deposit in the mail.

Sec. 34.70.030. Liability After Disclosure.

A transferor is not liable for a defect or other condition in the real property or the real property interest being transferred if the transferor discloses the existence of the defect or condition in the disclosure statement.

Sec. 34.70.040. Subsequent Events and Approximations.

(a) If information in a disclosure statement becomes inaccurate as a result of an act or agreement after the disclosure statement is delivered to the transferee, the resulting inaccuracy does not violate this chapter and the transferor is required to deliver an amendment for the disclosure statement to the transferee.

(b) If an item that is required in the disclosure statement is unknown or is unavailable to the transferor, and if the transferor or the transferor's agent has made a reasonable effort to ascertain the information, the transferor may insert an approximation of the information. The approximation must be reasonable, clearly identified as an approximation, based on the best information available to the transferor or the transferor's agent, and not used to avoid the requirements of this chapter.

Sec. 34.70.050. Form of Disclosure Statement.

The Real Estate Commission established under AS 08.88.011 shall establish the form of the disclosure statement required by AS 34.70.010. The disclosure statement must include a provision that notifies transferees

(1) that they are responsible for determining whether a person who has been convicted of a sex offense resides in the vicinity of the property that is the subject of the transferee's potential real estate transaction;

(2) where information about the location of convicted sex offenders can be obtained; and

(3) that they are responsible for determining whether, in the vicinity of the property that is the subject of the transferee's potential real estate transaction, there is an agricultural facility or agricultural operation that might produce odor, fumes, dust, blowing snow, smoke, burning, vibrations, noise, insects, rodents, the operation of machinery including aircraft, and other inconveniences or discomforts as a result of lawful agricultural operations.

Sec. 34.70.060. Good Faith.

A person who makes a disclosure or performs an act under this chapter shall do so in good faith.

Sec. 34.70.070. Effect on Other Required Disclosures.

The requirements of this chapter do not affect other obligations for disclosure required by law.

Sec. 34.70.080. Written Amendment.

An amendment to a disclosure statement must be in writing.

Sec. 34.70.090. Failure to Comply.

(a) A transfer that is subject to this chapter is not invalidated solely because a person fails to comply with this chapter.

(b) A person who negligently violates this chapter or fails to perform a duty required by this chapter is liable to the transferee for the amount of the actual damages suffered by the transferee as a result of the violation or failure.

(c) A person who willfully violates this chapter or fails to perform a duty required by this chapter is liable to the transferee for up to three times the actual damages suffered by the transferee as a result of the violation or failure.

(d) In addition to the damages allowed under (b) or (c) of this section, a court may also award the transferee costs and attorney fees to the extent allowed under the rules of court.

Sec. 34.70.110. Waiver by Agreement.

This chapter does not apply to the transfer of an interest in residential real property if the transferor and transferee agree in writing that the transfer will not be covered under this chapter.

Sec. 34.70.120. Exemption for First Sales.

This chapter does not apply to the transfer of an interest in residential real property if the transfer is the first transfer of the property and if the property has never been occupied.

Sec. 34.70.200. Definitions.

In this chapter,

(1) "disclosure statement" means the disclosure statement required by AS 34.70.010 ;

(2) "real property" includes a unit in real property subject to AS 34.07 or AS 34.08;

(3) "residential real property" means real property whose primary purpose is to provide a single-family dwelling, or two single-family dwellings in one building;

(4) "transfer" means transfers by sale, exchange, installment land sale contract, lease with an option to purchase, other option to purchase, or a ground lease coupled with improvements.

12 AAC 64.930 Property Disclosure Form.

(a) The form titled Residential Real Property Transfer Disclosure Statement, dated July 2008, is adopted by reference. This form, prepared by the Real Estate Commission, presents the information required by AS 34.70 that a transferor of an interest in residential real property must disclose to a prospective transferee of the property before the transferee makes a written offer. Use of this form also complies with AS 34.70.050 regarding notice to the buyer to conduct investigations regarding convicted sex offenders residing in the neighborhood.

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