Lisa is selling her home to her brother Mike for $300,000. Mike is obtaining a conventional loan for the purchase. Their real estate agent says the parties may omit a Seller's Property Disclosure Statement (SPDS) solely because this is a family transaction. Is that advice correct for the residential resale transaction described?
Correct Answer
B) No. A family relationship alone does not create a general SPDS exemption for this $300,000 residential sale
Option B is correct. A family relationship alone does not create a general SPDS exemption for a $300,000 residential resale. Arizona Department of Real Estate guidance explains that the residential resale contract calls for SPDS delivery and cautions sellers not to assume they are excused. The separate affidavit-of-legal-value exemptions in A.R.S. § 11-1134 concern transfer instruments and, for the listed family-transfer exemption, nominal actual consideration; they do not create a blanket SPDS waiver for this sale.
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