Section 11.67.147. Early purchase; five-year purchase.

	(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.  

Authorities

38.05.020;38.05.035;38.09.090;38.09.110

Notes

Reference

11 AAC 67.148
11 AAC 67.149

Authority

AS 38.05.020 AS 38.05.035 AS 38.09.090 AS 38.09.110

History

Eff. 5/31/84, Register 90; am 7/19/85, Register 95; am 8/16/89, Register 111