Terms Used In Alaska Statutes > Title 34 > Chapter 7 > Article 2 - Apartment Ownership and Conveyancing

• apartment: means a part of the property intended for any type of independent use, including one or more rooms or enclosed spaces located on one or more floors, or part or parts of the floors, in a building, regardless of whether or not it is destined for a residence, an office, the operation of any industry or business, or for any other use not prohibited by law, and that has a direct exit to a public street or highway, or to a common area leading to the street or highway. See Alaska Statutes 34.07.450
• apartment number: means the number, letter, or a combination of them, designating the apartment in the recorded declaration. See Alaska Statutes 34.07.450
• association of apartment owners: means all of the apartment owners acting as a group in accordance with the bylaws and with the recorded declaration. See Alaska Statutes 34.07.450
• common expenses: includes
  (A) all sums lawfully assessed against the apartment owners by the association of apartment owners. See Alaska Statutes 34.07.450
• declaration: means the instrument by which the property is submitted to provisions of this chapter and as it may be, from time to time amended. See Alaska Statutes 34.07.450
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Grantor: The person who establishes a trust and places property into it.
• land: means the material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or occupied space for an indefinite distance upwards as well as downwards, subject to limitations upon the use of airspace imposed, and rights in the use of the airspace granted by the laws of the state or of the United States. See Alaska Statutes 34.07.450
• Lien: A claim against real or personal property in satisfaction of a debt.
• limited common areas and facilities: includes those common areas and facilities designated in the recorded declaration, as reserved for use of certain apartment or apartments to the exclusion of the other apartments. See Alaska Statutes 34.07.450
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
• property: means the land, the building, all its improvements and structures, all owned in fee simple absolute or qualified or by way of a periodic estate, or in any other manner in which real property may be owned in the state, and all easements, rights, and appurtenances belonging to it, none of which shall be considered as a security or security interest, and all articles of personalty intended for use in connection with it, that have been or are intended to be submitted to this chapter. See Alaska Statutes 34.07.450
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Trustee: A person or institution holding and administering property in trust.