Contracts
In Alaska, the 'merger doctrine' in real estate contracts means that:
ATwo purchase agreements for the same property merge into one
BProvisions in the purchase agreement are merged into and superseded by the deed at closing✓ Correct
CThe buyer's and seller's agents merge their files at closing
DMultiple offers are merged into a single counteroffer
Explanation
Under the merger doctrine, most provisions of the purchase agreement merge into the deed upon closing and are extinguished. After closing, the deed — not the purchase agreement — governs the buyer's rights.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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