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The department will not enter an order registering a subdivision and will consider the general promotional plan false and misleading, and lacking adequate safeguards, if
(1) the contract or agreement given to a prospective purchaser by the developer upon payment of the first money by the purchaser is not sufficient in form to immediately vest an interest in the land to him;
(2) the developer does not provide adequate safeguards, approved by the department, that if the refund privileges in the contract or agreement are exercised, the developer will be in a position to grant the refund;
(3) title to the subdivision is so encumbered that the lands to be offered cannot be used for any purpose expressly or impliedly represented without the removal of the encumbrance, unless adequate safeguards are established to reasonably assure that the encumbrance will be removed before the time the subdivider promises to deliver the interest contracted for;
(4) the owner transfers, assigns, sells, pledges, or gives as collateral security any sales contracts on a subdivision without notice and submission to the department of evidence of adequate safeguards to reasonably assure that each contract purchaser, upon payment of the purchase price provided in the sales agreement, will receive the full title to the lands as promised; the safeguards will be subject to review and approval by the department in its discretion.
History: Eff. 4/3/76, Register 58
Authority: AS 34.55.012 (c)
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Last modified 7/05/2006