You may recall that in two recent "Updates" I discussed
(1) the apparent demise of "buyer beware" real estate
sales, and (2) the designation of much of Tucson
as "territory in the vicinity of a military airport."
On the heels of, and perhaps partly in reaction
to, those developments, the Arizona Association
of Realtors® has produced a new, longer version
of the Seller's Property Disclosure Statement ("SPDS").
If you have bought or sold a residence in the last
several years, you have either prepared or been
presented with the old version. The new version
(which at the time of this writing can be viewed
on-line at www.aaronline.com) is considerably longer
than the old one (six pages instead of two, although
the added length may be partially due to the use
of larger type), and asks specific questions about
various types of conditions that many people selling
their house might never think of as "materially
and adversely affecting the value of the property,"
to use the legal standard. One example of a condition
that is more specifically covered on the new SPDS
is the presence of animals or insects. Where the
old form asked only a general question about any
"termite, insect or pest problems," the new form
asks specifically if "you [have] observed any of
the following on the property: scorpions, rabid
animals, bee swarms, rodents, owls, reptiles, other?"
This raises a number of questions in my mind, such
as:
