11 AAC 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.
Notes
Authority:AS 38.05.020
AS 38.05.035
AS 38.09.090
AS 38.09.110
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