Title 34 — Property
24 chapters · 562 sections in this title.
AS 34.08.490 Association records.
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(a) The association shall keep financial records sufficiently detailed to enable the association to comply with AS 34.08.590. Financial and other records must be made reasonably available for examination by a unit owner and an authorized agent of a unit owner. (b) A professional …
AS 34.08.500 Association as trustee.
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Article 4. Protection of Purchasers. If a third person deals with the association in the capacity of the association as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whe…
AS 34.08.510 Applicability.
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(a) The provisions of AS 34.08.510 — 34.08.700 apply to all units subject to this chapter, except as provided in (b) of this section or as modified or waived by agreement of purchasers of units in a common interest community in which each unit is restricted to nonresidential use.…
AS 34.08.520 Liability for public offering statement requirements.
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(a) Except as provided in (b) of this section, a declarant, before offering an interest in a unit to the public, shall prepare a public offering statement conforming to the requirements of AS 34.08.530, 34.08.540, 34.08.550, and 34.08.560. (b) A declarant may transfer responsibil…
AS 34.08.530 Public offering statements generally.
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(a) Except as provided in (b) of this section, a public offering statement must fully and accurately contain or disclose (1) the name and principal address of the declarant and of the common interest community and indicate whether the common interest community is a condominium, c…
AS 34.08.540 Common interest communities subject to development rights.
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If the declaration provides that a common interest community is subject to development rights, the public offering statement must disclose, in addition to the information required by AS 34.08.530, (1) the maximum number of units, and the maximum number of units per acre, that may…
AS 34.08.550 Time shares.
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If the declaration provides that ownership or occupancy of a unit is or may be in time shares, the public offering statement must disclose, in addition to the information required by AS 34.08.530, (1) the number and identity of units in which time shares may be created; (2) the t…
AS 34.08.560 Common interest communities containing conversion property.
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(a) The public offering statement of a common interest community containing conversion property must contain, in addition to the information required by AS 34.08.530, (1) a statement by the declarant, based on a report prepared by a registered architect or engineer, describing th…
AS 34.08.570 Common interest community securities.
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If an interest in a common interest community is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies each requirement relating to the preparation of a public offering statement of this chapter if the declarant delivers to t…
AS 34.08.580 Purchaser's right to cancel.
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(a) A person required to deliver a public offering statement under AS 34.08.520(c) shall provide each purchaser with a copy of the public offering statement and each amendment to the statement, or a preliminary version of the public offering statement that reasonably reflects the…
AS 34.08.590 Resales of units.
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(a) Except for a sale in which delivery of a public offering statement is required, or unless the sale is exempt under AS 34.08.510(b), a unit owner shall furnish to a purchaser before execution of a contract for sale of a unit or before conveyance a copy of the declaration, as a…
AS 34.08.600 Escrow of deposits.
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A deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement under AS 34.08.520(c) must be placed in escrow and held either in this state or in the state where the unit is located in an account designated so…
AS 34.08.610 Release of liens.
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(a) In a sale of a unit where delivery of a public offering statement is required under AS 34.08.520(c), a seller before conveying a unit shall record and furnish to the purchaser a release of each lien, except a lien on real estate that a declarant has the right to withdraw from…
AS 34.08.620 Conversion property.
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(a) A declarant of a common interest community containing conversion property, and any dealer who intends to offer units in a common interest community containing conversion units, shall give each residential tenant and each residential subtenant in possession of a portion of con…
AS 34.08.630 Express warranties of quality.
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(a) An express warranty made by a seller to a purchaser of a unit, if relied upon by the purchaser, is created as follows: (1) any affirmation of fact or promise that relates to the unit, its use, or rights appurtenant to the unit, area improvements to the common interest communi…
AS 34.08.640 Implied warranties of quality.
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(a) A declarant and a dealer warrant that a unit will be in at least as good condition at the earlier of the time of the conveyance or delivery of possession as it was at the time of contracting, reasonable wear and tear excepted. (b) A declarant and a dealer impliedly warrant th…
AS 34.08.650 Exclusion or modification of implied warranties of quality.
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(a) Except as limited by (b) of this section with respect to a purchaser of a unit that may be used for residential use, implied warranties of quality (1) may be excluded or modified by written agreement of the parties; and (2) are excluded by a written expression of disclaimer s…
AS 34.08.660 Statute of limitations for warranties.
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(a) A judicial proceeding for breach of an obligation arising under AS 34.08.630 or 34.08.640 must be commenced within six years after the cause of action accrues, but the parties may agree to reduce the period of limitation to not less than two years. If the unit may be occupied…
AS 34.08.670 Effect of violations on rights of action.
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If a declarant or any other person subject to this chapter fails to comply with a provision of this chapter or with a provision of the declaration or bylaws, a person or class of persons adversely affected by the failure to comply has a claim for appropriate relief. Punitive dama…
AS 34.08.680 Labeling of promotional material.
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Promotional material may not be displayed or delivered to a prospective purchaser that describes or portrays an improvement that is not in existence unless the description or portrayal of the improvement in the promotional material is conspicuously labeled or identified either as…
AS 34.08.690 Declarant's obligation to complete and restore.
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(a) Except for an improvement labeled “NEED NOT BE BUILT,” the declarant shall complete each improvement depicted on a site plan or other graphic representation, including any plats or plans prepared under AS 34.08.180, whether or not the site plan or other graphic representation…
AS 34.08.700 Substantial completion of units.
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Article 5. General Provisions.
AS 34.08.710 Variation by agreement.
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Except as expressly provided in this chapter the provisions of this chapter may not be varied by agreement and rights conferred by this chapter may not be waived. A declarant may not act under a power of attorney or use any other device to evade the limitations or prohibitions of…
AS 34.08.720 Separate titles and taxation.
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(a) In a cooperative, the interest of a unit owner in a unit and its allocated interests is real estate for all purposes, except that the real estate constituting the cooperative shall be assessed and taxed as a whole and the interest of a unit owner may not be separately taxed. …
AS 34.08.730 Applicability of local ordinances, regulations, and building codes.
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(a) A building code may not impose a requirement upon a structure in a common interest community that the building code would not impose upon a physically identical development under a different form of ownership. (b) A zoning, subdivision, or other real estate use law, ordinance…
AS 34.08.740 Eminent domain.
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(a) If a unit is acquired by eminent domain or part of a unit is acquired by eminent domain leaving the unit owner with a remnant that may not practically or lawfully be used for any purpose permitted by the declaration, the award must include compensation to the unit owner for t…
AS 34.08.750 Supplemental general principles of law applicable.
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The principles of law and equity, including the law of corporations and unincorporated associations, the law of real property, and the law relative to capacity to contract, principal and agent, eminent domain, estoppel, fraud, misrepresentation, duress, coercion, mistake, receive…
AS 34.08.760 Construction against implicit repeal.
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This chapter is a general act intended as a unified coverage of its subject matter and a part of the chapter may not be construed to be impliedly repealed by subsequent legislation if that construction can reasonably be avoided.
AS 34.08.770 Uniformity of application and construction.
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This chapter shall be applied and construed so as to effectuate its general purpose to make uniform the law with respect to the subject of the chapter among states enacting it.
AS 34.08.780 Severability.
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If a provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions o…
AS 34.08.790 Unconscionable agreement or term of contract.
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(a) Upon finding as a matter of law that a contract or contract clause was unconscionable at the time the contract was made, a court may refuse to enforce the contract, may enforce the remainder of the contract without the unconscionable clause, or may limit the application of th…
AS 34.08.800 Obligation of good faith.
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A contract or duty governed by this chapter imposes an obligation of good faith in its performance or enforcement.
AS 34.08.810 Remedies to be liberally administered.
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(a) The remedies provided by this chapter shall be liberally administered to the end that the aggrieved party is put in as good a position as if the other party had fully performed. Consequential, special, or punitive damages may not be awarded except as specifically provided in …
AS 34.08.820 Adjustment of dollar amounts.
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(a) The dollar amounts specified in AS 34.08.030 and 34.08.510(b)(7) change under (b) and (c) of this section, according to and to the extent of changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers: U.S. City Average, All Items 1967 equal 100, compiled …
AS 34.08.830 Transfer of unit in a cooperative.
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If a unit in a cooperative is owned by a unit owner or is sold, conveyed, voluntarily or involuntarily encumbered, or otherwise transferred by the unit owner, the interest in the unit that is owned, sold, conveyed, encumbered, or otherwise transferred is the right to possession o…
AS 34.08.990 Definitions.
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In this chapter, (1) “affiliate of a declarant” (A) means a person who controls, is controlled by, or is under common control with a declarant; (B) as used in this paragraph, a person “controls” a declarant if the person (i) is a general partner, officer, director, or employer of…
AS 34.08.995 Short title.
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This Act may be cited as the Uniform Common Interest Ownership Act.