Property Ownership
A deed in Alaska must contain which of the following elements to be valid?
AA consideration amount, granting clause, legal description, grantor signature, and delivery✓ Correct
BThe purchase price, title insurance commitment, and recording fees
CA survey, property tax statement, and zoning certificate
DThe lender's approval, buyer's approval, and commission statement
Explanation
A valid deed in Alaska requires: an identifiable grantor, an identifiable grantee, a granting clause (words of conveyance), a legal description, some form of consideration (even $1 and love and affection), the grantor's signature, acknowledgment (for recordability), and delivery and acceptance.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Math Concepts
State-Specific Concepts
Recording Requirements
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