This is a very important, required obligation a seller must provide to a buyer of all known material facts about the property they are selling.
AZ Residential Seller Advisory
Arizona law requires that a seller must disclose material facts about the property whether or not they are asked by the buyer or a real estate professional. If the buyer asks a seller about an aspect of the property, the seller has a duty to disclosure the information regardless if the seller considers it important information or not. If a seller does not make the legally required disclosures, they may be subject to civil liability.
To a Realtor and Broker, this disclosure is referred to as SPDS (Seller’s Property Disclosure Statement)
In this 6 page disclosure questionnaire. there are 6 sections to complete to the best of your knowledge.
1- Ownership and Property.
2- Building and Safety Information
4- Environmental Information
5- Sewer/ Waste water Treatment
6- Other Conditions and Factors- Additional Explanations
Items a Seller DOES NOT have to legally disclose:
1- The site of a natural death, suicide, homicide or any other crime classified as a felony
2- Owned or occupied by a person exposed to HIV or diagnosed as having AIDS or any other disease not known to be transmitted though common occupancy of real estate
3- Located in the vicinity of a sex offender
*The law DOES NOT protect a seller who makes an intentional misrepresentation. So as a seller, we also say “When in Doubt- DISCLOSE!”
If you are a seller, you will receive this disclosure questionnaire prior to listing your home for sale so you have time to complete it to the best of your knowledge. It needs to be given to the buyer within 5 days of an executed contract.
If you are a buyer, the seller is required to give this to you within 5 days of an executed contract (per the AZ Dept. of Real Estate contract). As soon as we receive it, we will forward it to you to discuss.
If you are a buyer or seller with any questions regarding the AZ Residential Seller Advisory or any other real estate documents, please contact us and we will be happy to go over it with you in further detail.
Home Key Realty