#000 • CLOSING & RECORDING
Part of 30 Property Land Auction - Kenai Peninsula Borough 2025 (live auction by Alaska Premier Auctions & Appraisals)
Status: No sale
CLOSING & RECORDING: NO BUYER'S PREMIUM!! INTERESTED BIDDERS ARE ENCOURAGED TO OBTAIN AN OWNER’S POLICY OF TITLE INSURANCE AT BUYERS EXPENSE. If a buyer desires to obtain a preliminary commitment for title insurance or title insurance on the land, it shall be the buyer's responsibility to obtain and pay for such commitment or insurance. If the Borough offers financing, title insurance is required and will be paid by the buyer. All winning bidders in-person at the auction must “check out” with Kenai Peninsula Borough staff prior to leaving the event in order to process purchase and sale agreements, any related financing documents and take the 10% deposit payment in the form of cash, cashier's check, or a personal check. All online bidders must submit payment within 7 calendar days by the close of business on Friday, August 15th. Eligible local residents may apply for the 25% discount of the Land Affordability Program on (5) eligible parcels in this auction. Eligibility must be verified by Kenai Peninsula Borough before the auction, after completion of the Land Affordability Program Application form. The full terms and legal obligations of the LAP are detailed in Ordinance 2025-09 and in the LAP Registration Form included in this brochure. Winning bidders must indicate if title insurance is desired and the financial option selected to close the transaction. Option A. "All Cash": Winning bidder(s) will pay cash (in the form of a cashier’s check or wire) at closing, including the balance of the winning bid amount plus closing costs. The 10% deposit will be held by the KPB (unless otherwise designated by KPB) and credited towards the purchase price. Option B. "Financed": Winning bidder(s) will pay the down payment of ten percent (10%) of the winning bid amount. Upon credit approval, the balance will be financed by KPB. The winning bidder(s) shall execute a deed of trust and note, secured by the property sold, in favor of KPB. The note for initial principal amount will be payable in 120 equal monthly payments (ten years), at the U.S. Prime Rate on the authorized date of sale plus two percent (2%). The deposit will be held by the KPB (unless otherwise designated by KPB) and credited towards the purchase price. The buyer shall be responsible for paying all closing costs which may include, but are not limited to; recording fees, document preparation fees, mortgagee's title insurance policy (if sale is financed by KPB), owner's policy of title insurance (if requested by buyer), all long term escrow fees, and any other fees associated with the closing process and financial option selected. If purchaser should fail to meet any and all terms and conditions contained in the purchase agreement, up to $1,000.00 of monies deposited may be retained by KPB as liquidated damages. Any amounts due to the purchaser will be deducted from their 10% deposit and returned to purchaser only after deposited funds have been verified as cleared, by KPB. Please review attached purchase and sale agreement for additional details. All parcels shall be conveyed by Quitclaim Deed, unless the buyer elects for Optional Title Insurance, or the purchase is financed with Kenai Peninsula Borough, then conveyance shall be by Warranty Deed; subject to the following: a) reservations, exceptions, easements, rights-of-way, covenants, conditions and restrictions of record or created by operation of law; b) governmental regulations including but not limited to, setbacks, zoning, and permit requirements; c) the applicable general conditions contained in KPB 17.10.240, and d) any matters including, but not limited to issues associated with existing trails or encroachments, if any, which would be disclosed to the buyer by an actual inspection or survey of the property. Register & Bid Online At: AlaskaPremierAuctions.com/KPB2025 Would you like to sell your land or other property in one of our upcoming real estate auctions? Act now, we may be able to include your land, cabin, or residence in one of our upcoming sales! We're pleased to offer 30 pieces of real estate to the highest bidder in the Kenai Peninsula Borough. Please direct all questions to our in-house Realtor, Abigail McLagan at 907.570.7050 x 703 or Abigail@AlaskaPremierAuctions.com Thank you for your interest in the Kenai Peninsula Borough 2025 General Land Sale Auction! Best of luck on your bids!
