Agent Carol is working with various clients on property sales. All of the following situations would be exempt from SPDS requirements EXCEPT:
Correct Answer
C) Sale of a home by an out-of-state owner who inherited the property
Sale of inherited property by an out-of-state owner is still a regular resale transaction requiring an SPDS - the owner's location and how they acquired the property doesn't create an exemption. Court-ordered foreclosure sales are exempt from SPDS requirements. Transfers between spouses in divorce are exempt as they're not sales to third parties. Transfers between family members as gifts are exempt from SPDS requirements.
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