The Alaska Home-Buying Process: Your Step-by-Step Checklist

Work with your agent to pick an offer price, target closing date, and which contingencies (financing, inspection, appraisal, title) you want to keep. Strong contingencies protect you; fewer contingencies make your offer more attractive to a seller.

Cost: $0

Since August 2024, sellers can no longer advertise buyer-broker pay through the MLS. The written buyer agreement you signed already specifies what your agent will be paid. You can ask the seller to cover it as a concession in the purchase contract, but if the seller refuses, you may need to pay it yourself.

Cost: varies

Alaska does not have a single mandatory state form, but most agents use the Alaska Association of REALTORS Residential Real Estate Purchase and Sale Agreement. Read every page with your agent before signing — the contract becomes binding once both sides sign the same version.

Cost: $0

Earnest money shows the seller you are serious. In Alaska, the broker who receives your check must deposit it into a dedicated trust account at an Alaska bank no later than three banking days after receipt. Get a written receipt and confirm where the funds are being held.

Cost: 1-3% of purchase price (typical)

The seller may accept, reject, or counter your offer with different terms. Each round of counters resets the clock on your decision. Keep replying in writing through your agent until both sides sign the same version of the agreement.

Cost: $0

Alaska closings are run by licensed title and escrow companies, not attorneys. The escrow company holds your earnest money, orders the title work, and coordinates with the lender, seller, and buyer. Use the company named in your purchase agreement and follow their welcome instructions.

Cost: $0 at this step

Alaska law requires the seller — not the agent — to give you a written property condition disclosure statement before or at the time you sign the purchase and sale agreement. It covers known issues with the structure, roof, foundation, water, septic, and heating. Read it carefully and flag anything to your agent.

Cost: $0

Alaska sellers must disclose known material defects from earthquakes, volcanic ash damage, permafrost movement, and methamphetamine contamination if they know about them. If the home is in interior Alaska (Fairbanks, Delta Junction), ask specifically about permafrost. If it is in Southcentral, ask about seismic damage from the 2018 Anchorage quake.

Cost: $0

If you are buying a condo, townhome, or planned community lot in Alaska, the seller must give you a resale certificate with the declaration, bylaws, rules, current budget, and any pending assessments. You have five days from receiving the complete package to cancel the contract without penalty under Alaska's Common Interest Ownership Act.

Cost: $0 to buyer (seller typically pays)

Escrow will order a title commitment showing the current owner, any liens, easements, or restrictions on the property. Read it with your agent and flag anything unusual, such as a private road maintenance agreement, mineral rights split off the surface, or unresolved liens.

Cost: Included in title fees at closing

About 44 million Alaska acres are owned by Native village or regional corporations under the Alaska Native Claims Settlement Act. Some of those lands carry transfer restrictions or access easements that limit what a private buyer can do. If your title work shows any Native corporation interest, ask the title company or an attorney to explain the limits before you remove your title contingency.

Cost: $0

Hire a qualified home inspector to walk the property and write a report on the roof, foundation, plumbing, electrical, heating, and visible issues. Plan to attend the inspection if you can — you will learn a lot more by watching in person than by reading the report alone.

Cost: $400-800 typical

In interior and northern Alaska, homes can sit on permafrost that is now thawing as the climate warms. If the standard inspection shows cracking, settling, sloping floors, or doors that won't close, hire a specialist who knows permafrost-zone foundations to dig deeper. This risk is unique to Alaska's interior regions.

Cost: $300-1,500 typical

Many Alaska homes use private wells, septic systems, or above-ground heating-oil tanks. Test the well water for safe drinking, get the septic pumped and inspected, and have any oil tank checked for leaks (a leaking tank can be a five-figure cleanup). These systems are common in rural and bush properties.

Cost: $300-1,000 typical

If the home was built before 1978, federal law requires the seller to give you a lead-based paint disclosure form and the federal pamphlet 'Protect Your Family From Lead in Your Home.' You also have a 10-day window to test for lead-based paint at your own cost if you want to.

Cost: $0 for disclosure; $300-600 for optional testing

After you read the inspection report, talk with your agent about asking the seller to fix items, give you a price credit, or replace something specific. If the home has serious problems and the seller will not cooperate, your inspection contingency lets you cancel the contract and get your earnest money back — but only if you act before the deadline.

Cost: $0

Send your lender every document they ask for as soon as possible. Common items include updated pay stubs, bank statements, an explanation letter for any large deposits, and gift letters if a family member is helping with funds.

Cost: $0 to a few hundred dollars in application fees

Once you are comfortable with the rate quoted, ask your lender to lock it in writing. A rate lock protects you from rate hikes while your loan is being processed. Most locks last 30-60 days, which lines up with a typical Alaska closing timeline.

Cost: $0

Your lender will order an appraisal where a licensed appraiser inspects the home and decides what it is worth. You pay the appraisal fee up front. If the home appraises for less than your offer price, you can renegotiate with the seller, bring extra cash, or cancel under your appraisal contingency.

Cost: $500-900 typical

Your file goes to an underwriter who decides if the loan is approved. They may ask for extra documents, written explanations, or updated paperwork. Reply within 24 hours when you can — slow responses are the most common reason closings get delayed.

Cost: $0

Your lender will require a homeowner's policy bound and paid before closing. In Alaska, ask specifically about earthquake coverage — it is not included in a standard policy and Alaska is the most seismically active state in the United States. Also ask about flood, volcanic-ash, and wildfire coverage if the home is in a high-risk zone.

Cost: $800-2,500/year typical (more with earthquake coverage)

Your lender must send you a Closing Disclosure at least 3 business days before closing. Compare every line to your original Loan Estimate and ask the lender about any new or changed fee. Once you accept the form, your closing date is locked in.

Cost: $0

If the seller is not a U.S. citizen or U.S. resident, federal law called the Foreign Investment in Real Property Tax Act requires you (the buyer) to withhold up to 15% of the gross sales price and send it to the federal tax authority. Your escrow company usually handles the paperwork, but the legal duty falls on the buyer. Confirm with escrow that this is handled before closing.

Cost: Withheld from seller's proceeds (no out-of-pocket cost to buyer)

Within 24-48 hours of closing, walk through the home one last time with your agent. Confirm any agreed-upon repairs are done, the home is in the same condition as when you offered, and the seller has moved out (if vacancy at closing was promised).

Cost: $0

The escrow company will tell you the exact amount and wiring instructions. Call the escrow officer at a phone number you already have (not one from the email) to verify wiring instructions before you send money — wire fraud targeting home buyers is common. Never trust wiring instructions emailed to you without a phone-call confirmation.

Cost: Cash-to-close amount + $20-50 wire fee

Alaska closings are usually held at the title and escrow company's office, not a courthouse or law firm — there is no legal requirement for an attorney at a standard residential closing. Bring a photo ID. You will sign the deed of trust or mortgage, the promissory note, and several disclosures. Read or skim each page and ask the escrow officer to explain anything that surprises you.

Cost: $0 at signing if you already wired funds

Alaska has no state real estate transfer tax, so your settlement statement should not show a state-level excise or transfer tax. Some boroughs charge small local recording fees, but the state itself does not tax deed recording. If you see a state transfer tax line, ask the escrow officer to explain it.

Cost: $0 state transfer tax

After signing, the escrow company sends the deed to the local recording office. Recording usually happens the same business day or the next. Once recorded, the title is officially yours.

Cost: Recording fees included in closing costs

Once the deed records and funds disburse to the seller, the home is yours and you get the keys. If your contract gave the seller more time to move out (a post-closing occupancy agreement), follow that timeline instead.

Cost: $0

Set up electricity, heating fuel or natural gas, water, internet, and trash in your name starting the day you take possession. In remote Alaska areas, fuel-oil delivery and propane can need extra lead time, so call ahead. Also update your address with USPS, your bank, your employer, and your driver's license.

Cost: $0-200 setup fees