Changes to Real Property Disclosure Affidavits (HB 2443, 2458)

Changes to Real Property Disclosure Affidavits (HB 2443, 2458)

Arizona real estate law saw some significant changes during the first 2019 legislative session. Two bills, HB 2443 and HB 2485, added some new requirements to certain types of seller disclosures.  Here is what you need to know about these new changes to Arizona real property disclosures.

Current Law

Presently, Arizona law requires a seller of land, which has not been sub-divided in an unincorporated area of a state county, to submit an affidavit of disclosure at least seven days before the property is transferred.  The buyer can rescind the sale up to 5 days after receiving the affidavit.  The seller’s affidavit is required to provide information such as the accessibility of the property, if it has water, sewer, and electric services, and if the land is near a military installation or any related activities.

Changes in the Law

HB 2443 requires that sellers now disclose if the property or the water used on the property is the subject of a water rights lawsuit.  The law also mandates that the seller direct the buyer to the Arizona Department of Water Resources to locate a map of the affected area.

HB 2485 provides that the seller must now disclose if the property has any solar energy devices.  If the property does have these devices and they are leased, the seller must provide the name and contact information of the leasing company. The seller must also state that it is the buyer’s responsibility to manage the replacement and disposal of the solar energy devices.

These added requirements appear to be in response to Arizona’s water and solar energy-related property issues. The new disclosure obligations also hold sellers to a higher standard when it comes to notifying potential buyers of water rights disputes and existing solar power equipment.

Laura B. Bramnick is an experienced real estate attorney who has the skills and expertise to help you manage issues related to the purchase and sale of property in Arizona.   If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.

 

 

 

 

 

 

 

 

 

 

 

 

 

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