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Tuesday, March 11, 2014

A Potential Seller Asks: What do I need to disclose about my house?

I always tell sellers that if there is any doubt about disclosing something about their property, then the answer is...disclose it.  Better the buyer find out from you about a property condition than to find out from the next door neighbor in a conversation over the backyard fence six months after the property changes hands.

In fact, the opening paragraph of the Arizona Association of Realtors' Sellers Property Disclosure Statement (SPDS) says plainly..."Sellers are obligated by law to disclose all known (important) facts about the property to the buyer."  The SPDS form was developed to help the seller understand what and how property condition items should be disclosed.  

And the truth is that potential buyers appreciate the honesty in a thoroughly prepared SPDS.  It shows that the seller is being upfront about the past history of the property.  And for the seller, it is a good opportunity to demonstrate how well cared for the property was.  Was there a roof or plumbing leak five years ago?  The SPDS lets the seller disclose that leak and also the measures that were take to properly correct the problem.  So often what a seller considers a negative disclosure can be turned into a positive.

If you would like to see the six page Sellers Property Disclosure Form, give me a call or email and I would be happy to send you a sample copy.

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