Updated Arizona Disclosure Forms
As of June 14, the Arizona Association of REALTORS® will be disseminating Updated Arizona Disclosure Forms, Sellers Property Disclosure Forms (SDPS). The new Updated Arizona Disclosure Forms have some good changes that will allow for more information and what is hoped to be a more streamlined series of questions for consumers. The SPDS form is not required, but disclosure IS REQUIRED of any seller who is selling their home in Arizona. Visit AAR website to view the full article. It was a privilege serving on this committee and committee members are to be congratulated on a a job well done!
The new changes include the following:
Disclosure of a Communities Facility District (CFD). If your home is located in a CFD, you must disclose this fact to a potential buyer. CFD's are formed as a means to fund infrastructure in a neighborhood by the developer. This cost may be passed on to a homeowner. These are popping up in different areas of the city.
Disclosing the age of heating and cooling systems helps a buyer to understand if and when these might have been replaced.
Disclosure of what type and the number of pets that have ever occupied a home allows a home buyer, who might be sensitive to animal dander, a full understanding of a home. Bed bugs are also mentioned in this section.
Internet service has been added to the disclosure form as well. With more and more home owners working from home, this can be a critically important factor.
There are different types of mailbox scenarios in Arizona. Some of these are cluster type boxes or there can be a singular box. Knowing the box number allows for an easy transition in the sale process.
Internet disclosure is important as the Phoenix Metro Area has county islands within the city that may or may not receive specific services. Alternative power has been added so that a potential buyer understands if a home has solar panels generating power and if the system is leased. Potential buyers typically must qualify for a solar leased system with the appropriate FICO score.
Location disclosure in the past has included Super Fund sites. The new addition of location now includes Natuaral Area Open Space (NAOS.) A consumer would want to know if a property has areas dedicated to NAOS as that land is to be left as undisturbed desert.
Notification for a buyer to obtain homeowners insurance, including flood insurance has been added to the SPDS.
And finally, the cover page of the SPDS, the "Seller Advisory" acknowledges receipt by the Seller of this form.
It's always a good idea to have the UpdatedArizona Disclosure Forms completed and submitted at the time of listing a property for sale. Disclosing all aspects of a home, condo, etc. provides good disclosure to potential buyers.