Adak

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, lenders, and private escrow companies all handle real estate escrows. Conveyance is by warranty deed. Deeds of trust with private power of sale are the customary security instruments. Foreclosures take 90-120 days. Alaskans use ALTA owner’s and lender’s policies with standard endorsements. There are no documentary or transfer taxes. Buyer and seller usually split the closing costs. Property tax payment dates vary throughout the state.

Payment dates vary throughout the state.

YES. Property management is considered a real estate activity under existing Alaska real estate licensing laws. The Alaska Statutes clearly state that a license is required for any person or company that engages in the rent or lease of real estate in Alaska, who lists real estate for rent or lease or who collects rent for the use of real estate or fees for property management. A salesperson working under a broker may engage in such activities.

Yes. For example, there is an exception for on-site managers residing at the residential complex they manage. For more information about these and other Alaska property management requirements and exceptions, please contact the Alaska Real Estate Commission. Before hiring a property manager to manage your Alaska rental property, you should always check that he or she is licensed appropriately. You can check the license status of Alaska property managers at the Alaska Real Estate Commission's "License Search" page.

You must be a real estate broker, an association real estate broker, or a real estate salesperson licensed in Alaska to collect fees for community association management and to practice or negotiate for a contract to practice community association management in Alaska. Licensees serving as community association managers must be covered by a blanket fidelity insurance bond and may not exercise control over the association's reserves or investments accounts. The broker may exercise control over the operating account if allowed under a contract approved by the association's board of directors AND duplicate financial statements are sent by the bank to the licensee and the association's board of directors at separate addresses. A limited license to practice community association management was available if certain conditions were met and the applicant applied for the limited license by January 1, 1999. For more information about these and other community association management requirements and exceptions, please contact the Alaska Real Estate Commission.

Alaska real estate broker licensing requirements include: - Exam: must pass the broker's exam. The exam does include questions about property management. Note that an applicant must apply for licensure within six months after passing the exam. - Trustworthiness: must not be under indictment for forgery, theft, extortion, conspiracy to defraud, or any other felony implying character untrustworthiness. Fees: $550 for new license. - Education: must successfully complete 15 classroom hours approved broker training - Experience: must have completed 24 consecutive months within the last 36 as a licensed salesperson, with real estate having been his or her principal occupation. - Work: the applicant must either own a real estate business or work as the broker for a corporation or partnership.

Alaska real estate salesperson licensing requirements include: - Age: must be at least 19 years of age - Education: must complete 40 hours of pre-licensing education - Exam: pass the real estate salesperson exam. Note that the applicant must apply for licensure within six months of passing the exam - Trustworthiness: must not be under indictment for conspiracy to defraud, or fraud. A person who has been convicted of felonies implying character unworthiness may not be granted a real estate license until seven years after the complete sentence has been served. - Fees: $550 fee for a new license - Work: must work for a licensed broker