Homeownership is one of the biggest investments that you will ever make in your life. Once it comes time to list that home and put it on the market, there are certain things that you will want to be aware of beforehand. Most people who are selling a home will need to know about certain information that needs to be included in their disclosures and listings. While there is ample information available that can be used to fill out all the forms properly, the requirements differ between property types (e.g. residential, commercial, land, etc.).
A great resource you can start with is found at the Arizona Association of Realtors, which provides several different types of standardized forms that homeowners can use, such as the Residential Seller’s Property Disclosure Statement (SPDS) to help homeowners know what must be disclosed when selling a home in Arizona. In this form, you’ll be including data about the property and ownership, building and safety information, associated utilities and providers, any necessary environmental details, information about water treatment and sewage, and any other associated conditions that may apply to the property’s listing and final sale.
In addition, there are other factors you’ll need to disclose, such as any insurance claims that have been made in the past five years, whether the home has lead paint or asbestos, and other factors. If you’re using a realtor, this is standard stuff that’s typically covered for you. But if your home is for sale by owner, it’s important to understand the requirements of real estate laws in Arizona.
What You Don’t Need to Disclose
There are some things that you are not required to disclose. Things like whether a death has occurred in the home, regardless the cause (natural, murder, suicide, etc.). You also do not have to disclose if anyone in the home has been afflicted with an infectious disease. Lastly, you don’t need to tell potential buyers if there are registered sex offenders in the immediate community.
Unsure? Then Disclose!
One of the best rules you can stick to is this: if you are ever unsure whether or not you should disclose something about your home, disclose it! Any specific, material facts about your home that could affect a buyer’s decision need to be disclosed by law. While disclosing these facts doesn’t mean you need to make concessions on the selling price, they may result in a buyer becoming disinterested in the purchase.
By following the laws of the state of Arizona, however, you won’t have to worry about any legal repercussions, even if that means it takes longer to sell your home. It’s common to have a lot of questions during any home sale, especially in homes for sale by owner. In these instances, it’s advised that you seek professional legal counsel from a qualified Chandler Real Estate Lawyer. Doing so can ensure that you are in compliance the law.
