To purchase a home in Alaska, a purchaser must look for a good realtor with a wide ranging database of available homes to fit the purchaser’s budget. The Purchaser has a choice of homes if the realtor is a member of the National association of Realtors or the Alaska Association of Realtors. This is because the realtor will have access to the MLS or Multi Listing Service, which is the single largest source of information on available houses for purchase listed by other members of the Realtors association. The purchaser can chose from a variety of houses and locations. Once the property is located the purchaser makes an offer to the seller called a purchase and sale agreement stating the price offered, the earnest money, the time schedule for the transaction, name of the escrow company and the inspections required. The seller, on receipt of the offer is required under the Laws of the State of Alaska to make a complete disclosure in writing of the structural defects of the property, heating and hot water facilities, water supply, frozen water lines, utility costs, defects in title, the personal property to be sold with the house, pest infection if any, pets living in the house or having been in the house, lead paint usage and of any sex offenders who live in the vicinity. The seller has to disclose under the law in the state of Alaska the details of the address of any such known sex offender. Once these tasks are completed the seller and the purchaser will sign the agreement and make it a binding contract.

The purchaser should now engage a house inspection service and title search Company. The purchaser should engage a certified inspector to assess defects in the property, pest control, plumbing, heating, ventilation insulation, structural defects, hot water and heating facilities, frozen pipes and any other possible defect not found in the written disclosure statement given by the seller.

The purchaser should hire an attorney, a real estate title company or a trust and title company to scrutinize the title of the property and to check public and court records for possible encumbrances of the title of the property. The American Land Title association has a list of title search professionals for the purchaser’s reference. Encumbrances that affect the title of property in the State of Alaska are, implied easements of necessity which is recognized by law. Other encumbrances are liens on the property arising out of unpaid mortgages, payment of amounts due under judgments, unpaid taxes assessments and unpaid mechanics or other workers. . The purchaser should buy a title insurance to avoid the litigation costs in defending possible title claims that were not found during by the title search after the date of settlement.

In the State of Alaska, settlement is either by a Mortgage Closing or by a deed of Trust. Most lenders prefer the deed of Trust because it gives the right to the lender to foreclose the property without going to court. The Title Insurance Company is the trustee and the lender and trustee hold the deed till the borrower repays the loan. If the lender company is agreeable to a true mortgage, the mortgage can be foreclosed in a superior court. Mobile Notary Publics can be contacted to close the loan. The website of the American association of Notaries has a notary locator directory to help the purchaser find a notary in Alaska. Some Notary Publics advertise on their website about their vast experience in mortgage closing. The purchaser is required to show proof of a one year home owner’s insurance premium payment and a proof of identity at the closure when the deed is signed by both parties. When the Notary Public attests the signatures of the parties to the transaction, the seller passes possession and title to the purchaser and the purchaser purchases a home in the State of Alaska.