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DISCLOSURE ISSUES

Disclosure Issues

In both commercial and residential real estate sales, proper disclosure by the seller of defects in the property is essential. Many non-disclosure problems can be avoided by the usage of forms such as the Arizona Association of Realtors’ Seller Property Disclosure Statement (“SPDS”), developed for commercial, vacant land, and residential transactions.

If there is a wrongful failure by the seller to disclose a defect in of real property, the buyer may have a fraud claim which could warrant punitive damages. For fraudulent non-disclosures, e.g., inadequate roof repairs, the statute of limitations is generally three years.

Frequently Asked Questions about Disclosure Issues

RELATED ARTICLES

affidavit of disclosure

Disclosure Requirement for Parcels of Land

December 8, 2019

Question: We recently signed a contract to sell our three-acre parcel of land in Coconino County near Flagstaff. The title company says that we will be required to furnish the buyer with an Affidavit of Disclosure relating to the condition of this three-acre parcel. What is this Affidavit of Disclosure?…

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Noisy Garbage Trucks Won’t Affect Listing Price

May 24, 2019

Question: In a recent column you said that Paradise Valley homeowners living on a cul-de-sac may have to disclose noisy garbage trucks that came by their home more than four times a week. You said that these homeowners may have a claim for damages against the seller for not disclosing…

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