Seller Real Estate Disclosure Arizona

Seller Real Estate Disclosure Arizona

Seller Real Estate Disclosure Arizona.  Seller Property Disclosure is part of the selling process in Arizona.  While appearing relatively straight forward many seller’s fail to adequately disclose all known issues with the property.  This applies to both commercial Arizona real estate and residential Arizona real estate, including raw land without improvements.

In most cases the seller either forgets  about issues that occurred or simply thinks that because the problem was corrected, it is no longer an issue.

The Seller’s Property Disclosure Statement (SPDS) is an integral part of a buyer’s decision to purchase a property.

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WHEN IN DOUBT>>>>>DISCLOSE!!!!

Never believe that some issue about the property is too trivial to mention.  It may be trivial to you but disclosure could make the difference in a buyer making their decision to purchase a property.

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Follow the instructions provided above in the Seller Property Disclosure Statement.  Attach invoices, warranties, inspection reports and leases.  Use the blank lines to further describe things that need to be disclosed and if necessary, add pages to the document.  YOU HAVE A DUTY TO DISCLOSE!  NONDISCLOSURE CAN HAVE THE SAME EFFECT AS FRAUD.

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What does not have to be disclosed.  You are not obligated to disclose the property is or has been the site of a natural death, suicide, homicide or any other crime classified as a FELONY….or if the property has been owned or occupied by someone exposed to HIV or diagnosed as having AIDS or any other disease not know to be transmitted through common occupancy of real estate…..or if the property is located in the vicinity of a sex offender.  If you are asked questions about the things listed above…..answer truthfull or respond that you are not legally required to answer the question.

Neighbors

Be very careful what you disclose to neighbors as the purpose of selling your property.  As bizarre as it may seem a seller reported to his neighbors that the house was haunted and they were moving for that reason.  When the buyer asked the seller why they were moving the seller responded “to be closer to family”.  Upon purchasing the property the new buyers moved in and met their neighbors…..the neighbors reported that the seller moved because of the house being haunted…….true story, true lawsuit, bad outcome for the seller.

About Arizona Top Realtor

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