The Arizona property disclosure statement, also referred to as “spuds” (SPDS), is designed so that an owner of residential property can divulge all pertinent information regarding their property to the individual interested in purchasing it. Created by the Arizona Association of Realtors, the Sellers Property Disclosure Statement outlines almost everything a prospective buyer would need to know about a property before buying it, including location, title and legal information, structural and aesthetic issues, electrical, heating, and plumbing systems, and other features specific to the dwelling.
If an Arizona AAR Residential Resale Real Estate Purchase Contract is being used to negotiate the purchase and sale of the property, the seller must provide this disclosure document to the buyer within three (3) days of acceptance of the purchase contract.
Purchase Agreement – Aside from the SPDS form, a seller entering into a real estate purchase agreement with a buyer has a duty to disclose a number of other factors pertaining to the property being sold. However, most of these disclosures are required only when selling specific types of properties and in certain locations locations.