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(a) The applicant has the option of buying the land outright for the total amount of the appraised value in order to immediately receive title, or entering into a land sale contract in order to purchase the land over an extended period.
(b) If the purchaser elects to buy the land outright, payment shall be by cash and/or certified and/or cashiers check and/or money order, and all checks shall be payable to the State of Alaska, Department of Revenue, and the director or his representative shall immediately issue a receipt containing a description of the tidelands purchased, the price, and terms of sale, which receipt shall be acknowledged in writing by the purchaser.
(c) A person purchasing land under a land sale contract shall pay the principal sum remaining after the minimum down payment in annual installments as specified in the contract. Interest must be charged on all land sale contracts on unpaid balances in accordance with AS 38.05.065 .
(d) The director, with the consent of the commissioner, may also impose such conditions, limitations, and terms as he deems necessary and proper to protect the interest of the state. Violations of any provisions of this Act or the terms of the contract of sale shall subject the purchaser to appropriate legal action, including but not limited to, cancellation of the contract in accordance with applicable Alaska Law.
(e) When the terms of the contract are fulfilled, the director shall issue the appropriate title documents.
History: Eff. 7/20/60, Register 1; am 6/23/62, Register 5; am 8/6/94, Register 131
Authority: AS 38.05.020
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Last modified 7/05/2006