Even if a Seller Knows Nothing about the Home, the Seller Still has to Complete an SPDS
Question: My wife’s mother and father bought a home in Avondale 30 years ago. My wife’s mother and father both recently passed away. We have always lived in the Mesa area and, except for the Holidays, we never went to the Avondale home. Under the family trust, my wife is now responsible for selling the home, and she just wants to sell the home “as is” because my wife knows nothing about the home. The listing broker says that, under the standard AAR Purchase Contract, my wife must complete a Seller’s Property Disclosure Statement (“SPDS”). Is the listing broker correct?
Answer: Yes. First, not only does a buyer want an SPDS from a seller, both the listing broker and the buyer’s broker want an SPDS for their protection. The SPDS protects both the buyer and the seller by giving the seller the opportunity to disclose any material defects with the home. Second, although relocation companies, and banks after foreclosure, may have their own addendum to the SPDS when selling a home, even they will generally complete the SPDS. Third, completing the SPDS is a great reminder tool for any seller, e.g., your wife may have forgotten that there was a roof leak caused by a monsoon one July 4th holiday when she was there at the Avondale home.