Some sellers are reluctant to provide a SPDS. However, where a seller of real property knows of facts materially affecting the value of the property that are not readily observable and are not known to the buyer, the seller is under a duty to disclose those facts to the buyer.
However, Sellers and Listing Brokers are not obligated to disclose that a property has been the site of a natural death, suicide, homicide, or any crime classified as a felony, nor that the property was owned or occupied by a person exposed to HIV, or diagnosed as having AIDS or any other disease not known to be transmitted through common occupancy of real estate, nor that the property is located in the vicinity of a sex offender.
How to sell properties without further problems. Learn which disclosures are required and which ones are not.
Learn how to ask for and decipher CC&Rs (Covenants, Conditions & Restrictions), natural hazard disclosures (including radon & mold), federally mandated disclosures, transfer disclosure statements, material fact issues, geological disclosures and other legal disclosures
Every so often a house comes on the market that is said to be stigmatized. Most of the time the stigma is in the mind of one or two buyers, but sometimes it will be a serious issue for multiple buyers and can affect the marketing of the property.
In 1995 the Arizona Legislature passed A.R.S. § 32-2156, the stigmatized property law. This law addressed when a real estate broker or seller must disclose information to a buyer relating to facts that may psychologically impact the home, such as a suicide or murder.
The C.L.U.E. Risk Only Report is a report that details past insurance property losses filed by consumers for a specific address. Home Sellers benefit by enabling compliance with disclosure laws & possible law suits for lack of disclosing past insurance losses.
Have you acquired six or more lots?