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Arizona Affidavit Of Disclosure

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Using the Arizona Affidavit of Disclosure

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Arizona Affidavit Of Disclosure

  1. 1. Using the Affidavit of Disclosure
  2. 2. Lesson Objectives <ul><li>Understand the requirements for use of the Affidavit </li></ul><ul><li>Explain “subdivided” and “unsubdivided” properties </li></ul><ul><li>Outline the Sellers responsibility with regard to the Affidavit </li></ul><ul><li>Identify the information disclosed by the Affidavit </li></ul><ul><li>Identify the Buyers options upon receipt of Affidavit </li></ul><ul><li>Recognize how the requirements are enforced </li></ul>
  3. 3. Requirements for use of the Affidavit A.R.S § 33-422 <ul><li>Enacted by the Arizona Legislature as part of the Growing Smarter Plus legislative package </li></ul><ul><li>Effective date – May 18, 2000 </li></ul><ul><li>Required by ARS 33-422 </li></ul><ul><li>Enacted to better manage growth in unincorporated areas </li></ul>
  4. 4. Purchase Contract Clauses <ul><li>Included as section 4d of AAR Residential Contract </li></ul><ul><li>Included as section 4h of AAR Vacant Land Contract </li></ul>Affidavit of Disclosure: “If the Premises is located in an unincorporated area of the county, and five or fewer parcels of property other than subdivided property are being transferred, the Seller shall deliver a completed Affidavit of Disclosure in the form required by law to the Buyer within five (5) days after Contract acceptance. Buyer shall provide notice of any Affidavit of Disclosure items disapproved within the Inspection Period or five (5) days after receipt of the Affidavit of Disclosure, whichever is later.
  5. 5. What is an “Unincorporated” area? An unincorporated area is land located outside the corporate limits of a city or town. ( further defined in A.R.S § 9-101) Cave Creek Commercial (Scotts) Phoenix Scottsdale School
  6. 6. What is “subdivided” land? <ul><li>Subdivided land requires an approved “Public Report” </li></ul><ul><li>Unsubdivided land can only be “split” into 5 parcels </li></ul><ul><li>Unsubdivided land requires an Affidavit of Disclosure </li></ul>“ Improved or unimproved land or lands divided or proposed to be divided for the purpose of sale or lease, whether immediate or future, into six or more lots , parcels or fractional interests”
  7. 7. How is “unsubdivided” land split? <ul><li>Owner of a split able parcel must comply with existing zoning requirements (split cannot result in “upzoning” ) </li></ul><ul><li>Parcel is surveyed by licensed surveyor </li></ul><ul><li>Owner records the survey with county </li></ul><ul><li>Owner applies for new Parcel numbers </li></ul><ul><li>Parcel may receive complete “new” parcel number, or parcel suffix to identify split </li></ul>
  8. 8. What information is included in the Affidavit of Disclosure? <ul><li>Legal Access </li></ul><ul><li>Physical Access </li></ul><ul><li>Flood areas, floodplains, washes. </li></ul><ul><li>Public utility services (electricity, gas, phone/internet) </li></ul><ul><li>Police and Fire and emergency services </li></ul><ul><li>Wells or water availability </li></ul><ul><li>Septic systems, percolation tests </li></ul><ul><li>Zoning deficiencies </li></ul>
  9. 9. What should a Buyer do with in the Affidavit of Disclosure? <ul><li>Read it! </li></ul><ul><li>Investigate any items material to buyer </li></ul><ul><li>Investigate any questionable statements </li></ul><ul><li>Verify the legality and compliance of any improvements </li></ul><ul><li>Investigate future plans for this parcel </li></ul><ul><li>Investigate future plans for adjacent and nearby parcels </li></ul>
  10. 10. How does receipt of Affidavit affect Sale? <ul><li>Seller has until 7 days prior to COE to provide (Unless contract specifies other date) </li></ul><ul><li>Affidavit should be signed and notarized by Seller </li></ul><ul><li>Buyer has 5 days after receipt of Affidavit to rescind transaction </li></ul><ul><li>Buyer may cancel in writing </li></ul><ul><li>Seller must record executed Affidavit at same time as Deed is recorded </li></ul>
  11. 11. How is the Statute enforced? <ul><li>No criminal mechanism or penalty assessed for failure to provide </li></ul><ul><li>Seller may have civil liability </li></ul><ul><li>Buyer’s remedies include damages or rescission of sale </li></ul><ul><li>Agents failure to inform Seller could constitute Breach of Duty </li></ul><ul><li>Listing Broker may be help liable for damages </li></ul><ul><li>Buyer Broker may be held liable for damages </li></ul>
  12. 12. Lesson Review <ul><li>Now understand the requirements for use of the Affidavit </li></ul><ul><li>Explained “subdivided” and “unsubdivided” properties </li></ul><ul><li>Outlined the Sellers responsibility with regard to the Affidavit </li></ul><ul><li>Identified the information disclosed by the Affidavit </li></ul><ul><li>Identified the Buyers options upon receipt of Affidavit </li></ul><ul><li>Now recognize how the requirements are enforced </li></ul>

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