Release or partial release from encumbrance affecting apartment with first conveyance; partial waiver of lien claims.

  1. Law
  2. Alaska Statutes
  3. Property
  4. Horizontal Property Regimes Act
  5. Apartment Ownership and Conveyancing.
  6. Release or partial release from encumbrance affecting apartment with first conveyance; partial waiver of lien claims.

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(a) At the time of the first conveyance of each apartment, every mortgage, deed of trust, lien, or other encumbrance affecting the apartment, including the percentage of undivided interest of the apartment in the common areas and facilities, shall be paid and satisfied of record, or the apartment being conveyed and its percentage of undivided interest in the common areas and facilities shall be released by a recorded partial release.

(b) A partial waiver of lien claims created under AS 34.35.050 - 34.35.120 (mechanics liens) on unsold apartments may be obtained by following the procedures specified in AS 34.35.119.


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