Contracts
An Alaska purchase agreement is silent on who pays for the survey. Under standard Alaska practice, the cost of a new survey is typically paid by:
AThe buyer✓ Correct
BThe seller
CThe title company
DSplit equally between buyer and seller
Explanation
While survey cost allocation is negotiable and varies by custom, in Alaska (as in most states) the cost of a new survey is typically paid by the buyer as part of their closing costs. The survey benefits the buyer by confirming property boundaries.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Math Concepts
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