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Disclosure vs. Discovery – There is a difference.

When should a seller disclose material facts that could affect the marketable value of a home? That, of course, is a trick question. The answer is always.
However, does the receipt of a home inspection report immediately require an update of the Seller Disclosure documents? Well, not always.
Let’s start by explaining the disclosure and inspection processes in AZ:
Whenever a house is placed on the market the Seller is required by law to disclose known facts (including history) of the property. We use a Sellers Disclosure form for that purpose. Upon receipt, the Buyer has 5 days to examine the Sellers Disclosure and decide if they wish to proceed with the purchase.
In addition to the Seller’s Disclosure, a buyer is afforded an inspection period (typically 10 days) in which to discover any additional facts about a home that could affect their purchase that was not disclosed. Any items that the buyer disapproves of are then reported to the Seller. The Buyer has the option to cancel the contract or request the items to be corrected. This is done through a Buyer’s Inspection Notice. The Seller then has 5 days to respond to the Buyer’s request(s). If the Seller agrees to perform ALL corrections, ... more

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