How to Access Property Records in Alaska

What Information Can You Find in Alaska Property Records?

A property history search can reveal much hidden information about a property, things you might not expect. Reviewing property records can help you make smarter decisions.

Some of the things that a property history search may reveal include:

Deeds and Conveyance Records

Deeds are among the most common types of property records. They transfer ownership of the property and verify the title. They also document the chain of title, which is recorded and maintained by the recorder's office in each district.

All parties must sign deeds, and a notary must witness them. Some of the information contained in deeds includes:

• Name of the Seller/Grantor and Buyer/Grantee.
• A detailed description of the property.
• Maps and plats along with boundaries and sometimes surveys showing the acreage and edges of the property.
• Conveyance language explaining the ownership transfer from one person or entity to another.
• Notarization and execution are at the bottom, where everyone signs to make it legal.

Much of the language contained in deeds refers to the warranty implied or specified and the conveyance of the land from one or more parties to another.

Property Tax Records

Property records pay for local services like schools, road maintenance, fire, police, emergency services, and government salaries. The local city/town Treasury Division sends out bills and collects taxes from each homeowner. The Alaska Department of Commerce oversees all city tax officials.

Alaska's average effective property tax rate is 1.17%, which is higher than the national average of 0.99%. According to the Alaska Department of Commerce, the average homeowner pays $1,435 yearly in property taxes.

Property tax records in Alaska include information such as:

• Owner information - The record will outline the owners' names and contact information as recorded by tax authorities.
• Property details - The document provides details of the property, including its size, boundaries, structures on the land, and any improvements.
• Assessed value - This document states the value assigned to the property based on market value and comparable sales.
• Tax rates - The document shows the applicable tax rates determined by the local taxing authority.
• Tax payment history - The record may also show a detailed history of property tax payments made by the owner, including details of outstanding balances and amounts paid.

Building Permits and Regulations in Alaska

If you want to build a new house in Alaska or renovate your kitchen, you first need a building permit. If you want to tear down a structure, you also need a permit. These are handled at the city level. If you want information on Anchorage building permits and laws, visit their website.

Property Liens and Encumbrances in Alaska

Liens appear in property records as a stain on the property and its owners. Liens can lead to foreclosure and the loss of the home. Liens lower the value of a property if there are too many; they can negatively affect the owner's financial reputation. There are two main types of liens: voluntary and involuntary.

Voluntary Liens

Voluntary liens are the kind that you choose when you borrow funds and use your house as collateral to ensure the loan. These remain on the property until the loan is paid off. They can result in foreclosure.

• Mortgage Liens - Mortgage liens are the most common, and they occur when you borrow money to buy a home. The lender places a lien on the property, and if you default on the loan, they can seize the property and sell it to get their money back.

  Alaska mortgage documents include information such as:

  • Loan Amount and Term - The document specifies the loan amount, interest rate, how long it will be in effect, plus the repayment terms.
  • Details of Parties Involved - A mortgage document indicates the parties involved by name, position, address, and contact information.
  • Obligation and Covenants - The document may state the various covenants and obligations the borrower must adhere to for the term.
  • Property Description - The document describes the property being mortgaged by lot number, subdivision name, and other identifying information.
  • Signature and Notarization - The mortgage document needs signatures from both parties to be a legal agreement. In some cases, notarization is necessary.

Involuntary Liens

Involuntary liens are those over which you have no control. These occur when you fail to pay a debt, and the debtor has the right to put a lien on the property and then eventually foreclose on the home to get paid.

• Mechanic's Liens - Mechanic's liens are tools that contractors, laborers, architects, and others use to collect unpaid debts. If someone works on your property and you don't pay them, they have the right to place a lien on it, and then when the house is sold, they will be paid from the proceeds.
• Tax Liens - Tax liens are very serious. If you don't pay your annual property taxes, the county or town can impose a lien on the property and then foreclose and sell your house at auction (well below fair market value) to pay off the back taxes.
• Judgment Liens - Judgment liens work similarly to mechanic's liens. Creditors use them to collect unpaid debts. They must sue you in court first. If the judge rules in their favor, they can foreclose and sell the house to get their money.

The Process of Alaska Liens

Lenders or creditors go through the following steps to place a lien on a property in Alaska:

• The creditor should prepare a lien form with the correct details and then send it to the recorder's office in the district where the property is located. The creditor can obtain a stamped copy when the office records the lien.
• Alaska law does not require mechanics liens to be served to the property owner, but creditors are encouraged to do so. So creditors may serve the lien to the property owner.
• Once a lien expires, the creditor may extend it for an additional six months. In Alaska, mechanics liens are effective for six months after the day of recording, so creditors may choose to extend them if the debt remains unpaid.

Easements and Covenants

Easements and covenants are additional information that accompany deeds. They dictate how a property can be used. Easements are rights of way that allow someone or an entity to access the land for a specific purpose. An example would be a wireless company with towers on private land. The company can maintain its towers without first asking. Any new buyer of the land will have to respect this agreement.

Covenants are strict rules about how property can be used. They are most often found in condo developments and gated communities. For example, no one can paint their front door differently from the rest. These rules are meant to retain value and preserve consistency.

Plats and Surveys

Plats and surveys are both maps. Surveys show a single property's boundaries and map coordinates, whereas plats show the boundaries of all neighboring properties.

The general information in a property survey document includes:

• Property Description - A survey contains a legal description of the land, including the lot number, township, section, and range.
• Property Markers - Some survey documents include property markers or monuments to mark key points and corners of the property.
• Boundary Measurements - Surveys include accurate measurements of the boundaries, bearing information, angles, and distances.
• Topographic Features - Depending on the type of survey, the document may include contours, natural features, and elevation points of the property.

Property Descriptions and Boundaries in Alaska

Every piece of real property in Alaska has a legal description. This description contains map coordinates and natural landmarks, making it easy for anyone to find. Legal property descriptions appear in property records such as maps, plats, deeds, mortgages, and appraisals.

Surveys measure land to determine a property's exact coordinates and boundaries. They are used before installing underground utilities, building new homes, and litigating boundary disputes.

Boundary disputes are common. They occur when one party believes another is encroaching on their land. These can sometimes get heated and even end up in court for a judge to decide the outcome. The courts use surveyors to map the property to find the exact boundaries.

Foreclosures

Foreclosures appear in property records. Although regular buyers won't want to deal with the hassles that come with buying a foreclosure property, investors actually seek them out. A foreclosure home will be valued at less than fair market value.

Pre-foreclosures are homes that are in the process of foreclosure but haven't yet been sold at auction. This presents a ripe opportunity for investors to offer the owner some money to pay off their liens and get out of debt. The investor will then turn around and sell the property for a profit.