This week in real estate we're going to talk about the five things that buyers and sellers need to know about Arizona real estate disclosure.
1. What is the disclosure? It is buyer's opportunity to learn as much as they can about a property, before they purchase it and also to learn about the sellers experience in that home. There is a document that we use it is a seven page document it has 295 lines on it and it's very very detailed and it provides a lot of information about the property. We always advise sellers to make sure if they have any doubt about something make sure you disclose it. Failure to do so can result in a lawsuit.
2 What kind of things do sellers disclose? They're going to disclose any modifications that have been done to the home, any damage, fire wind, rain, hail you can imagine the list is pretty long if it's seven pages long and 295 lines it gets very detailed. If you had pets living in the house they want to know what kind is it the dog cat what kind of pipes that you have in the house, really it's anything that can affect the quality of the home that a buyer should know about. It also will tell the buyer what the seller did to fix that problem.
3. This is not the only disclosure form that you're gonna see you're gonna see some other documents one of them is an insurance claim history. It's a claim history from the seller and what claims that they filed to their insurance company so you can see what types of things might have happened to the house. A lot of times it comes back empty and we like that. There's another form that is the lead-based paint form and it's really just for homes that were built prior to 1978 and it's just a disclosure about lead paint that might be in the home that the seller is aware of. The last form the most one of the most common forms we see is an HOA disclosure form and that will give you who the management company is what their contact information is and also what the fees are for being in that HOA.
4. So what's the difference between a disclosure and an inspection? A disclosure is information about the home that the seller provides to the buyer, an inspection is going to be a private contractor that the buyer hires to go in, they're going to look at the things that were disclosed in the disclosure form but they're also going to review the home from top to bottom and looking for any additional defects that may be there. They'll provide the buyer with a comprehensive list of items that you and your agent will review and give you an opportunity to go back to the seller and remedy those situations.
5. So when does the buyer get the disclosure? Arizona law requires that within five days of an accepted offer they get that sometimes we can get it before and a lot of Realtors make it available but even if they don't we will ask for for our buyers because we want to make sure that they have all the information before they make that offer. Lastly make sure that your Realtor reviews the form with you they're very familiar with this form and they can point out things that you might miss. It's i a complicated form we do have blank forms available and buyer and seller guides that will give you definitions and really educate you on this most important form in the buying process we highly recommend you take a look at it prior to making offers on the home so that you're familiar with some of the items to look for.
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