Third Party Disclosure

Since January 2007, Arizona now allows sellers to purchase a third party disclosure to provide to prospective buyers. OK, what is it?

This is a report created by a third party disclosing at least 9 items. They are:

1. Flood hazard zones.
2. Military airports and facilities.
3. Military training routes and restricted airspace. (important near Luke AFB).
4. Public and private airports.
5. Expansive soils.
6. Earth fissures.
7. Special tax assessment areas.
8. Potential for radon gas.
9. Superfund sites and toxic plumes in aquifers.
10. Any additional items contracted for by the seller with the reporting party.

Providers of third party reports must carry a one million dollar errors and omissions insurance policy.

The report is based upon public records and maps. This is the problem as I see it. We know that soil, fissure and aquifer plume maps are old, incomplete, and inaccurate.Since most of these items are already covered by the Arizona Association of Realtors Sellers Property Disclosure Statements, I'm not sure how valuable the service is. It may have some value to an absentee owner.

It should be noted that this report is an option, not a requirement. Some providers of third party disclosures are marketing them as mandatory. Not true, and this marketing is a violation of the law.

Jim Little, Your Sun City Realtor

http://jclittle.com/

Ken Meade Realty

17001 N Del Webb Blvd

Sun City AZ 85373

800-877-1776

623-977-1776 B

y the way…if you know someone who is interested in buying or selling real estate, please call me with their name and phone number. Thank you!

See my other blog at: http://activerain.com/blogs/jlittle