Alaska Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is an Alaska Real Estate Contract?

An Alaska real estate contract, often called a residential purchase and sale agreement, is a contract that facilitates the purchase of a real estate. Once a buyer decides they want to purchase a property, they submit an offer using a real estate contract. If the seller accepts, the contract is signed and becomes a legally binding contract.

Common Alaska Real Estate Contracts

The two most used real estate contracts in Alaska are residential real estate contracts and commercial real estate contracts.

  • Residential real estate contract. Used when buying or selling a piece of land or a building that will be used for housing.
  • Commercial real estate contract. Used when buying or selling a piece of property or a building that is zoned for operating a business like a store or an office building.

4 Essential Elements of an Alaska Real Estate Contract

An Alaska real estate contract must include the following four essential elements to be valid and legally enforceable under Alaska property laws.

  1. It must include a valid home purchase agreement in writing.
  2. The contract must have an offer from the buyer and acceptance of the offer from the seller.
  3. The purpose of the contract must be legal.
  4. There must be consideration or the exchange of something of value. In real estate contracts, this is often the exchange of money for the property.

What Makes a Real Estate Contract Invalid in Alaska?

There are several ways that a real estate contract may be deemed invalid in Alaska. The most common reason is if the seller fails to provide an accurate property disclosure form which is required by law in Alaska real estate transactions. Other reasons can include:

  • Mistakes in the contract
  • Signing the contract under undue influence or duress
  • A party being deemed incapacitated and unable to enter a contract
  • Unconscionable terms
  • Breach of contract by either party

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Alaska?

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Rodrigo M. on ContractsCounsel
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Natalie A.

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I am an experienced in house counsel and have worked in the pharmaceutical, consumer goods and restaurant industry. I have experience with a variety of agreements, below is a non-exhaustive list of types of agreements I can help with: Supply Agreements Distribution Agreements Manufacture Agreements Service Agreements Employment Agreements Consulting Agreements Commercial and residential lease agreements Non-compete Agreements Confidentiality and Non-Disclosure Agreements Demand Letters Termination notice Notice of breach of contract My experience as in house counsel has exposed me to a wide variety of commercial matters for which I can provide consulting and assistance on. I have advised US, Canadian and International entities on cross-functional matters and have guided them when they are in different countries and jurisdictions as their counterparties. I can provide assistance early on in a business discussion to help guide you and make sure you ask the right questions even before the commercial agreement needs to be negotiated, but if you are ready to put a contract in place I can most definitely help with that too.

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"William is great to work with. He responsive with questions and changes needed for my contract. He works diligently to meet deadlines."

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I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

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Asked on Dec 26, 2021

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I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

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