#000 • Closing & Recording

Part of 17 Property Land Auction - Kenai Peninsula Borough 2026 (live auction by Alaska Premier Auctions & Appraisals)

Status: No sale

No buyer premium. Seller financing available with KPB credit approval. Review your down payment, closing and recording requirements below. Interested bidders are encouraged to obtain an owner’s policy of title insurance at buyer’s 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. Per the 2026 brochure, title insurance is required for online winning bidders, KPB-financed sales, LAP participants, and/or POA transactions, 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 down payment in the form of cash, cashier's check, or a personal check. Standard down payment (2026 brochure): 10% of the winning bid or $1,500, whichever is greater, of which $500 is a non-refundable review fee. Online winners: submit down payment by cashier’s check or wire directly to Stewart Title of the Kenai Peninsula within five (5) business days of the sale. All online winning bidders must close through Stewart Title of the Kenai Peninsula. Eligible local residents may apply for the 25% discount of the Land Affordability Program on seven (7) 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. Prequalify by Friday, October 9, 2026, 5:00 p.m. AKDT (LMWeb@kpb.us / 907.714.2205). The full terms and legal obligations of the LAP are detailed in Ordinance 2025-09 and in the LAP materials in the 2026 brochure. Winning bidders must indicate if title insurance is desired (where optional) 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 down payment 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 required down payment. 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 plus two percent (2%), with Prime set prior to the live outcry auction or prior to commencement of the secondary online-only auction, as applicable. 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, without limitation: recording fees, document preparation fees, mortgagee's title insurance policy (if sale is financed by KPB), owner's policy of title insurance (if required or 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, KPB may retain the $500 review fee and up to $1,000.00 as liquidated damages per the 2026 brochure / PA. Any amounts due to the purchaser will be deducted from their down payment and returned to purchaser only after deposited funds have been verified as cleared by KPB. Please review the purchase and sale agreement for additional details. All parcels shall be conveyed by Quitclaim Deed (2026 brochure), subject to reservations, exceptions, easements, rights-of-way, covenants, conditions and restrictions of record or created by operation of law; governmental regulations; applicable general conditions in KPB 17.10.240; and matters disclosed by inspection or survey. For the three prior tax-foreclosure parcels (02533008, 19209106, and 19209108), the deed expressly reserves subsurface mineral interests to KPB. LAP participants: The LAP down payment is 10% of the discounted LAP Amount (75% of the winning bid). The LAP terms in the 2026 brochure govern qualifying purchases. Closing must occur within 90 days of KPB execution of the purchase and sale agreement and confirmed receipt of the deposit, unless otherwise agreed in writing by KPB and the buyer.