- Alaska Statutes.
- Title 34. Property
- Chapter 8. Common Interest Ownership
- Section 580. Purchaser's Right to Cancel.
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. Common Interest Community Securities.
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. Resales of Units.
AS 34.08.580. Purchaser's Right to Cancel.
- (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 contents of the public offering statement that is subsequently delivered to a
purchaser, before conveyance of the unit, and not later than the date of a contract of sale. If a purchaser is not
given the public offering statement, or a preliminary version of the public offering statement that reasonably reflects
the contents of the public offering statement that is subsequently delivered to a purchaser, more than 15 days before
execution of a contract for the purchase of a unit, the purchaser, before conveyance, may cancel the contract within 15
days of receipt of the public offering statement or preliminary version of the public offering statement.
- (b) A purchaser who wishes to cancel a contract under (a) of this section may cancel the contract by hand delivering
notice of the cancellation to the offeror or by mailing notice of the cancellation by prepaid United States mail to the
offeror or to the agent for service of process of the offeror. Cancellation is without penalty and each payment made by
the purchaser before cancellation must be refunded promptly to the purchaser.
- (c) If a person required to deliver a public offering statement under AS 34.08.520
(c) fails to provide a purchaser to whom a unit has been conveyed with the public offering statement and each amendment
to the statement under (a) of this section, the purchaser, in addition to any right to damages or other relief, is
entitled to receive from the person an amount equal to 10 percent of the sale price of the unit, plus 10 percent of the
share, proportionate to the common expense liability, of an indebtedness of the association secured by security
interests encumbering the common interest community.
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