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A developer may not sell lots, units, parcels, or interests within a subdivision subject to a blanket encumbrance unless one of the following conditions or the equivalent, as determined by this chapter, is met:
(1) all sums paid or advanced by purchasers are placed in an escrow or other depository acceptable to the department until the fee title contracted for is delivered to the purchaser by deed together with a complete release from all financial encumbrances; or
(2) the fee title to the subdivision is placed in trust under an agreement or trust acceptable to the department until a proper release from each blanket encumbrance, including all taxes, is obtained and title is delivered to the purchaser; or
(3) a blanket encumbrance contains provisions evidencing the subordination or release of the lien of the holder or holders of the blanket encumbrance to the rights of those persons purchasing from the subdivider, and further evidencing that the subdivider is able to secure releases from the blanket encumbrances with respect to the property upon full payment of the purchase price owing by that person.
History: Eff. 4/3/76, Register 58
Authority: AS 34.55.010 (a)
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Last modified 7/05/2006