Title 3 . Commerce, Community, and Economic Development

Chapter 20 . Land Sales

Section 190. Consideration, prices and values

3 AAC 20.190. Consideration, prices and values

(a) Land may not be advertised as "free" if the prospective purchaser is required to give any consideration for it. Land may not be advertised for "closing costs only" when these costs are substantially more than normal, or when additional land has to be purchased at a higher price to make the land usable.

(b) Advertising which refers to the purchase price of any lot, parcel, or unit of land must also unmistakably include any additional compulsory assessments or costs to the prospective purchaser.

(c) Advertising which makes reference to property exchange privileges must clearly state any qualifications concerning the exchange privileges.

(d) Advertising which makes reference to predevelopment sales at a lower price because the land has not yet been developed must disclose whether there are bona fide plans of development and whether a subdivision plat has been recorded.

(e) Advertising may not make predictions of specific or immediate price or value increases of, advertised lands when the subdivider does not have control over the price increases.

(f) Advertising may not compare land values unless it is clear who is making the comparison and that it is relevant and fair.

(g) Advertising may not contain false or misleading statements as to future price increases by the subdivider.

History: Eff. 4/3/76, Register 58

Authority: AS 34.55.014 (3)

AS 34.55.020