When using the Arizona Association of REALTORS® (AAR) Residential Resale Real Estate Purchase Contract, the seller is required to deliver a completed AAR Residential Seller Property Disclosure Statement (SPDS) form to the Buyer within five (5) days after Contract acceptance. The purpose of the disclosure is for seller to disclose all pertinent facts about the property.
If the buyer asks the seller about an aspect of the property, seller has a duty to disclose the information, even if seller does not consider the information material. Seller also has a legal duty to disclose facts when disclosure is necessary to prevent a previous statement from being misleading or misrepresented, such as any changes to the property. If Seller does not make the legally required disclosures, Seller may be subject to civil liability. Under certain circumstances, nondisclosure of a fact is the same as saying that the fact does not exist. Therefore, nondisclosure may be given the same legal effect as fraud.
