What Realtors Need to Know About Arizona Hazards Disclosure
Arizona's House Bill 2779 provides for hazard disclosure in real property transactions. The new law took effect on September 21, 2006. Reports are based on officially adopted and electronically posted or otherwise readily available governmental maps or information that discloses whether the real property is subject to any of the following:
1. FLOOD HAZARDS
2. MILITARY AIRPORTS AND ANCILLARY MILITARY FACILITIES
3. MILITARY TRAINING ROUTES AND MILITARY RESTRICTED AIRSPACE
4. PUBLIC OR PRIVATE AIRPORTS
5. EXPANSIVE SOILS
6. SOILS SUBJECT TO FISSURES
7. SPECIAL TAX ASSESSMENT AREAS
8. RADON GAS POTENTIAL ZONES
9. ENVIRONMENTAL HAZARD SUPERFUND SITES
Protect Yourself and Your Clients
While hazard disclosure reports are not mandated by the new law, reports help protect the buyer and seller as well as the real estate agent from potential liability. Hazards Disclosure Reports will help to prevent surprises and provide Risk Management Protection (Safe Harbor) for brokers and agents.
LandAmerica Arizona Hazards Disclosure Report
It's easy to order an Arizona Hazards Disclosure Report for all of your transactions. The report is billed to your escrow, and the seller only pays for the report if the transaction closes. Take the guess work out of disclosure and increase the buyer's confidence in the property!
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