5 Tips to fill Seller Property Disclosure Statement (SPDS) when selling home in Arizona
Arizona law requires home seller to disclose material (important) facts about the property when selling their home. Seller Property Disclosure Statement (SPDS) is designed to assist seller in making legally required disclosures and to avoid inadvertent non-disclosures of materials facts when selling their home. To satisfy seller’s disclosure obligations and protect seller against alleged nondisclosure, seller should complete the SPDS by answering all questions as truthfully and as thoroughly as possible. Here are 5 tips to seller to fill SPDS.
Tip #1: Take your time
As a Realtor, I highly advised my seller to complete the SPDS prior activating the listing on the market. The reason is we don’t want our seller to rush to fill the SPDS. According on AAR (Arizona Association of Realtors) Purchase Contract, the seller is required to deliver the SPDS to the buyer within five days of contract acceptance. If complete this document is completed prior to listing your home, you can take your time and do it right and provide any supporting documents if necessary. We often encourage sellers to complete this while we are working on preparing the marketing materials for their home.
Tip #2: Do not be afraid
Don’t be afraid to fill out the SPDS. It is a great document to protect seller and helps the transaction go smoother. Based on my experience, it is VERY uncommon for a buyer to cancel the contract based on the SPDS. If they are going to cancel based on something you disclosed, like a leak that was fixed or a termite that was treated, they were probably going to cancel over the inspection anyways.
Tip #3: Do not guess
If you don’t know the answer to one of the questions in the SPDS, research it. If you still can’t find the answer, leave it blank – DO NOT GUESS! This may apply to things done by a previous owner, like upgrades or repairs. Give as much information as you can and then move on. It is OK to leave it blank for the question you don’t know.
Tip #4: Tell the truth
Do NOT lie on your Seller Property Disclosure Statement. This is important. Most common area where some sellers hesitate to tell the truth is the pest section. Scorpions and termites are a fact of life here in Arizona and they are NOT a deal breaker if they have been treated properly.
Tip #5: Fill it out yourself
This one is SO important. Only home seller can complete the SPDS and seriously, you need to fill the SPDS out yourself. Your REALTOR® cannot fill this out for you. It is your legal obligation to fill this out to the best of your abilities and knowledge. It is your signature and your reputation on the line, so take it seriously.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
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