Alaska Administrative Code › Title 11 - Natural Resources › Part 6 - Lands › Chapter 67 - Disposal of Land › Article 6A - Homesteads › 11 AAC 67.147 - Early purchase; five-year purchase

Current through May 31, 2024
(a) An entryperson
				  desiring to purchase a homestead under
				  AS
				  38.09.090(a) must file an
				  early-purchase application within two years after the issuance of the entry
				  permit. Except for a survey extension granted under
				  11 AAC 67.146(c),
				  all applicable requirements of
				  AS
				  38.09.050(a)(2), (a)(4), and
				  (a)(5) must be met before filing an
				  application to purchase.
(b) An
				  entryperson desiring to purchase a homestead under
				  AS
				  38.09.090(b) must file an
				  application to purchase within five years after the issuance of the entry
				  permit. All applicable requirements of
				  AS
				  38.09.050(a)(2) - (a)(5)
				  must be met before filing a five-year purchase application.
(c) If an extension has been granted under
				  former AS
				  38.09.040(b) for the
				  completion of a plat of survey for a homestead entry permit in effect before
				  June 16, 1987, the processing of an early-purchase application submitted under
				  (a) of this section will be suspended until the plat is approved. If the plat
				  of survey is not approved within the extended period, the application to
				  purchase will be denied. However, the entryperson remains eligible to file a
				  five-year purchase application under
				  AS
				  38.09.090(b) or to acquire
				  the homestead under
				  AS
				  38.09.050 if all applicable requirements are
				  met, including the habitable dwelling requirement as set out in
				  11 AAC 67.148.
(d) If the director approves an application
				  to purchase, the director will appraise the homestead and notify the
				  entryperson by mail of the appraised purchase price. In the case of an
				  application submitted under (a) of this section, the appraised purchase price
				  of the homestead will equal the fair market value of the land at the issuance
				  of the entry permit. In the case of an application submitted under (b) of this
				  section, the appraised purchase price of the homestead will equal the fair
				  market value of the land at the time of the appraisal. No later than 30 days
				  after notice of the appraised purchase price is mailed to the entryperson, the
				  entryperson may contest the appraisal by filing a request for reconsideration
				  with the director, accompanied by the entryperson's opinion and supporting
				  evidence of the homestead's fair market value. The director's decision on the
				  request for reconsideration is final unless it is appealed to the commissioner
				  no later than 30 days after it was mailed to the entryperson.
(e) The contract to purchase must be executed
				  and returned to the department within 30 days after its mailing to the
				  entryperson. The down payment for the purchase must be returned with the
				  executed purchase contract. The director may, for good cause, extend the time
				  period allowed for execution of the purchase contract.
Authority:
AS
						38.05.020
AS 38.05.035
AS 38.09.090
AS
						38.09.110