Buying a house involves reviewing numerous legal documents, including a property disclosure form. Arizona real estate law requires sellers to inform buyers about the condition of the property as they know it. This guide will help you become familiar with the basics of the report and the seller’s obligations to provide accurate information.
What Is in the Report?
When you sign a contract to purchase a home, the seller or their agent gives you the Seller’s Property Disclosure Statement (SPDS). The document provides important details the seller knows concerning the property’s value and use, and other issues that might affect your decision to purchase the property. Issues covered include the title and legal ownership, systems including plumbing and HVAC, structural issues, and insect infestations.
What Are Some of Arizona’s Requirements?
The seller must disclose facts you cannot see easily and do not know. In addition, the seller must disclose all latent material defects that may have a negative effect on the price you will pay.
What Are Some of the Penalties for Failure to Disclose?
Sellers are violating the law if they do not disclose or misrepresent the information that Arizona real estate law requires them to provide. As a buyer, you can take legal action based on misrepresentation and fraud claims. How you proceed depends on whether the seller committed the violations negligently or intentionally.
If you pursue your claim successfully, you may receive a large money damage settlement or award. In some situations, the remedy may be treating the contract as if it never happened. When that occurs, the court returns the property to the seller and the purchase money to you.
If you’re planning a home purchase, consult Sippel Law Firm PLLC of Kingman, AZ, about disclosures required under Arizona real estate law. Attorney Sippel has over 35 years of experience as a real estate lawyer, guiding clients through all the complexities of the purchase and sale process. To learn more about your rights and how to assert them, call (928) 753-2889 to arrange a consultation. Visit the website to learn about other practice areas, including wills and trusts.