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Title 15 . Revenue
Chapter 150 . (Repealed)
Section 770. Conveyance of deed and payment of purchase price

15 AAC 150.770. Conveyance of deed and payment of purchase price

(a) Subject to 15 AAC 150.740 and 15 AAC 150.760, within 15 business days after the award is made by the Corporation's board of directors, the successful bidder will pay to the Corporation by certified or cashier's check made payable to the Corporation, the purchase price. At the time the purchase price is paid, the Corporation will execute a deed conveying whatever interest it has in the real property to the purchaser. All costs of recording shall be paid by the purchaser. The costs of preparing the deed will be paid by the Corporation.

(b) Failure of the successful bidder to tender the purchase price within 15 business days shall constitute a default, and the good-faith deposit shall be forfeited to the Corporation. All contractual arrangements by and between the Corporation and the successful bidder will then be terminated.

(c) At the discretion of the board of directors, the Corporation will permit a parcel of real property containing improvements to be purchased under a deed of trust. The rate of interest that the deed of trust note earns must be the rate of interest that conventional lending institutions are charging for similar types of notes.

History: Eff. 5/7/93, Register 130

Authority: AS 18.55.100 (a)

AS 18.55.320

AS 18.55.420

AS 18.55.520

AS 18.56.088

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Last modified 7/05/2006