A seller's SPDS indicates that the home has a foundation crack that was repaired two years ago. The buyer's inspector discovers additional foundation issues not mentioned in the SPDS. What is the most likely outcome?
Correct Answer
B) The seller fulfilled their duty by disclosing known issues; newly discovered issues don't create liability
The seller is only required to disclose known defects. If they disclosed known foundation issues and additional issues are discovered during inspection, they have fulfilled their disclosure duty. A is incorrect because non-disclosure of unknown issues is not fraud. C is incorrect because the SPDS doesn't need to be resubmitted for unknown issues. D is incorrect because receiving an SPDS doesn't create an as-is condition.
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Previous Question
Using the current Arizona SPDS, at a brokerage meeting in Prescott, a condominium unit has known drainage problems and lies in a floodplain according to the seller's records. What should the parties assume under current Arizona rules?
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During the listing process, the seller mentions they had the roof repaired last year but aren't sure about the specific materials used. How should this be addressed in the SPDS?