When in Doubt Disclose!
Seller Property Disclosure Statement (SPDS) is designed to assist you, the seller. In short, this form assists sellers in making legally required disclosures. Helping to avoid inadvertent nondisclosure of material facts. Therefore,the sellers obligation by law is to disclose all known important facts about the property. The SPDS is a six page document that has six general sections.
The Seller Property Disclosure Statement is Comprised of 6 Sections
First,is ownership and property. General information such as location, ownership and occupancy.
Second, is building and safety information. Chiefly, this is physical aspects of the property. A seller will disclose any past or present problems with the property. Also, any work improvements to the home. Another key point, you will want to disclose any current or past presence of termites and any treatment.
The third section deals with utilities. Here, you will identify whether the property receives specific utilities along with the provider. Also, you will disclose water source and any drinking water issues.
Environmental Information is the 4th Section of the SPDS
Fourth, is the environmental information for the property. In this case, a variety of information needs disclosure. Issues relating to soil settlement and expansion. Likewise, with regards to soil any issues with drainage, grade or erosion. Also, in this section, any problems with airport or traffic noise. Odors and other nuisances fall into this category as well. Notably, mold growth is an important aspect of this section. For instance, mold can be present where there has been water damage, excessive moisture or flooding. Consequently, all water leaks, water damage and moisture must be disclosed.
Fifth, is sewer and wastewater treatment. To demonstrate, Sun Lakes Arizona has a connection to a private wastewater plant (Pima Utilities). Conversely, many homes around the Phoenix area do not have a connection to sewer and are represented otherwise. Significantly, it is important to answer all questions.
Sixth, is other conditions and factors. For instance, additional space is available for disclosure of any other important information concerning the property.
What is NOT Required to be Disclosed?
In the first place, by law, sellers are under no obligation to disclose that the property is or has been the site of a natural death. As well, no disclosure needs to be made if a suicide, homicide or any other crime classified as a felony occurred in the home. Likewise, there is no obligation to disclose that the homeowner is a person with exposure to HIV or has a diagnoses of AIDS. Also, there is no obligation to disclose the home is in the vicinity of a sex offender. However, the law does not protect a seller who makes an intentional misrepresentation. If any of these are important to you, neighbors are always willing to talk and may be a good resource for your due diligence.
Disclosure is Your Friend
Furthermore, your real estate agent cannot complete the form for you, but can be a valuable asset in answering your questions. And, your real estate agent is required to disclose any item that may have a material impact on the buyer whether or not you, the homeowner, discloses. Correspondingly, avoid a potential lawsuit down the road and disclose, disclose, disclose!
For more information on buying or selling a home call the The Kolb Team at 480-440-0849. We are Sun Lakes residents and your active adult communities experts!
Let’s get social! Follow us on social media for up to date information on Sun Lakes.