How Important Is It For The Seller To Complete A Seller Property Disclosure Statement?


♠ QUESTION:  How vital is it for the Phoenix home seller to complete the Seller Property Disclosure Statement (SPDS) even if they bought the property at a trustee’s sale, made several repairs and/or improvements, though they have never occupied the home?

♥ ANSWER:  The answer is easy. It’s very and in their favor to do it.  In Arizona, the seller must disclose, in writing, anything might materially or adversely affect the home buyer’s decision to purchase the real property.  If the Seller does not complete the SPDS he/she is not complying with the law, not to mention common courtesy.

The SPDS was created specifically so the seller has an easy form to disclose all the repairs they made to property and disclose any other material fact that they know about the real estate.  It is there to “protect” the seller: not cause the seller additional liability.

This means even if the home was not occupied, the seller needs to disclose what was done to it and what else they know about it. In fact, if a property was renovated it would be a wise to market what was done and what issues were solved: buyers appreciated it and have more confidence in a purchase. Unless the real estate is bank owned, the owner should always provide a SPDS.

0 comments… add one

Leave a Comment