You're getting ready to purchase a brand-new home so you've purged, cleaned, stages and finally put your current home on the market. What's next?
A buyer, of course, and then, an onslaught of paperwork — including the all-important Seller Disclosure Form. Filling out the form may seem like a daunting task, but it is very user- friendly, said Paula Monthofer, the 2017 president of the Arizona Association of REALTORS®.
Here are three things to know about the Seller Disclosure Form, courtesy of Monthofer.
1. The purpose of the form.
Arizona law requires sellers to disclose any defects they are aware of in their home. This form makes compliance easier for sellers and therefore helps protect them when they use it. It also gives notice to buyers about any potential problem areas as well as which utility companies are currently in service.
2. There are thing that might need to be disclosed that are not on the form.
There are many other disclosures regarding the property that may need to be made to the buyer throughout the course of the escrow, including but not limited to: HOA disclosures, road maintenance agreements, well agreements, unincorporated area disclosure, Schedule B and title history, and more. Schedule B is part of the title work the escrow company presents to the buyer. It discloses any limitations to their property ownership such as utility easements.