This Seller's Disclosure Statement is for use in a residential sales transaction in Alaska. This disclosure statement concerns the condition of property and is completed by the Seller.
This Seller's Disclosure Statement is for use in a residential sales transaction in Alaska. This disclosure statement concerns the condition of property and is completed by the Seller.
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If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Under California law, all material facts that affect the value or desirability of the property must be disclosed to the buyer. There is no specific definition or rule on what is considered to be a material fact.
In the simplest terms, a Seller's Disclosure is a document a potential buyer receives in order to know what condition the property is in. It contains about 100 questions and it will take you 20-30 minutes at most to complete.You're not required to have this document ready until your home is under contract.
California's Especially Stringent Disclosure Requirements Sellers must fill out and give the buyers a disclosure form listing a broad range of defects, such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more.
Who Must Make These Seller Disclosures in California. As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the buyer.
In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Whenever you sell real estate, you are obligated to follow local mandatory disclosure laws. This involves informing the buyer about specific hazards or problems affecting the property before the sale is completed.
If your seller simply will not fill out the form after you advise them of the requirement to do so, you can have them mark refused on the form, and then provide that to the buyer.
Alaska Statutes: Title 34, Chapter 70. Disclosures in Residential Real Property Transfers
Section 10. Disclosures in Residential Real Property Transfers.
Section 20. Termination of Offer.
Section 30. Liability After Disclosure.
Section 40. Subsequent Events and Approximations.
Section 50. Form of Disclosure Statement.
Section 60. Good Faith.
Section 70. Effect On Other Required Disclosures.
Section 80. Written Amendment.
Section 90. Failure to Comply.
Section 110. Waiver By Agreement.
Section 120. Exemption For First Sales.
Section 200. Definitions.
(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.
(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.
(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 wilfully 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.
(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.
Alaska Statutes: Title 34, Chapter 70. Disclosures in Residential Real Property Transfers
Section 10. Disclosures in Residential Real Property Transfers.
Section 20. Termination of Offer.
Section 30. Liability After Disclosure.
Section 40. Subsequent Events and Approximations.
Section 50. Form of Disclosure Statement.
Section 60. Good Faith.
Section 70. Effect On Other Required Disclosures.
Section 80. Written Amendment.
Section 90. Failure to Comply.
Section 110. Waiver By Agreement.
Section 120. Exemption For First Sales.
Section 200. Definitions.
(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.
(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.
(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 wilfully 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.
(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.