Disclosure Requirement for Parcels of Land

Question: We recently signed a contract to sell our three-acre parcel of land in Coconino County near Flagstaff. The title company says that we will be required to furnish the buyer with an Affidavit of Disclosure relating to the condition of this three-acre parcel. What is this Affidavit of Disclosure?

Answer: Under A.R.S. §33-422 a seller of five or less parcels of land in an unincorporated area of a county is required to furnish an Affidavit of Disclosure to the buyer. Similar to a Seller’s Property Disclosure Statement in home sales, in the Affidavit of Disclosure a seller is required to disclose to the buyer certain facts such as legal and physical access, sewer/septic waste disposal, and availability of telephone and electricity. The buyer then has the right to cancel the purchase contract within five days after receipt of this Affidavit of Disclosure. If the buyer does not cancel the purchase contract, the Affidavit of Disclosure is recorded at closing.

Note: A subdivision of more than five parcels of land generally requires an extensive subdivision public report filed with the Arizona Department of Real Estate. This A.R.S. §33-422 Affidavit of Disclosure for five or less parcels is a mini-subdivision public report.

Read related article.

Leave a Comment

You must be logged in to post a comment.