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(a) A contract or agreement for the disposition of a lot, parcel, unit or interest in a subdivision covered by the Act, where the property report has not been given to the purchaser in advance of the time of his signing, is voidable at the discretion of the purchaser. In addition, the purchaser has an unconditional right to rescind any contract, agreement or other evidence of indebtedness between the purchaser and the developer, or revoke any offer within five days from the date the purchaser actually receives a legible copy of the signed contract, agreement or other evidence of indebtedness or offer, and the property report as provided in the Act and this chapter. Predating a document does not defeat the time in which the right to rescind may be exercised. The burden of proof that the document was not predated is upon the developer. An act of the developer in assigning or pledging a contract or agreement may not waive the purchaser's right to void or rescind the contract or agreement as provided by this section. Each contract or agreement shall be prominently labeled and captioned that it is a document taken in connection with a sale or other disposition of lands under the Act.
(b) Each contract or agreement for the disposition of a lot, parcel, unit, or interest in a subdivision shall prominently contain upon its face the following notice, printed in type larger than the body of the document, stating:
YOU ARE ENTITLED TO CANCEL THIS AGREEMENT AT ANY TIME IF YOU HAVE NOT RECEIVED THE PROPERTY REPORT IN ADVANCE OF YOUR SIGNING OF THIS AGREEMENT. IN ADDITION, YOU ARE ENTITLED TO CANCEL THIS AGREEMENT FOR ANY REASON WITHIN 5 DAYS FROM THE DAY YOU ACTUALLY RECEIVE A LEGIBLE SIGNED COPY OF THIS DOCUMENT.
The contract or agreement shall contain sufficient space upon its face in immediate conjunction with the notice for the signature of each person obligated under the instrument, acknowledging that the person has read the notice. A third party who is unrelated to the developer may, in connection with the purchase of, or the making of a loan secured by the contracts or agreements, rely on a document furnished by the developer, and signed by a purchaser acknowledging receipt of a property report in advance of signing a contract or agreement.
(c) Rescission occurs when the purchaser gives written notice to the developer at the address stated in the contract or agreement. Notice of rescission if given by mail is effective when it is deposited in a mailbox, properly addressed, and postage prepaid. A notice of rescission given by the purchaser need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the purchaser not to be bound by the contract or agreement.
(d) An act of a purchaser may not waive the right to rescind as provided in this section. However, the right of rescission for failure to receive a "property report" or "notice to purchaser" terminates three years after the date the purchaser signs the contract or agreement.
History: Eff. 4/3/76, Register 58
Authority: AS 34.55.020
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Last modified 7/05/2006