Why are Fountain Hills property disclosures and clue reports waived? Property disclosures are a buyers best friend and should be provided after acceptance of a purchase contract. Clue reports is a claims history of the property with in last 5 years.
Buying a Fountain Hills home without receiving property disclosures is not uncommon these days. Usually investors who have bought a home and remodeled it and then turned around and sold it again are a prime example of selling a home without providing disclosures. A family member who has acquired a home from a relative whether through death or illness may also choose to sell this way. Bank owned properties are also usually sold without disclosures.
I understand estate sales and bank owned properties not providing disclosures but what about investors? They just completed a remodel so they know exactly what has been repaired and replaced, so why not disclose? In my opinion, agents that don’t require investors to fill out a property disclosure are doing a disservice to their clients, after all you are protecting your seller from future liability. Remember, the SPDS is a disclosure of what the seller actually knows; it is not a representation of every possible defect. “Failure to disclose” accounts for a high percentage of law suits filed by real estate buyers. Just answer the questions honestly and if you don’t know the answer, that’s OK, just mark it as such.
Sellers Property Disclosure Statement (SPDS) is divided into six sections:
Ownership and Property
Building and Safety Information
Utilities
Environmental Information
Sewer/Waste Water Treatment
Other Conditions and Factors
When in doubt “disclose. disclose, disclose!”
Do you have questions about Fountain Hills AZ real estate? I would love to talk with you! Call or email me for a quick response at 480 888 6708 .I’ll get back to you ASAP!
