Metes & Bounds Does Not Determine Disclosure Requirement.
FACTS: A property in northern Arizona had a legal description using metes and bounds. The listing agent did not provide an Affidavit of Disclosure.
ISSUE: If a property has a legal description using metes and bounds, does that mean an Affidavit of Disclosure is required?
ANSWER: See discussion.
DISCUSSION:
A seller is required to provide an Affidavit of Disclosure in accordance with Arizona Revised Statute § 33-422 if: (i) the seller is selling five or fewer parcels; (ii) the parcels are not subdivided land; and (iii) the parcels are located in an unincorporated area of the county.
Best business practice tip: If an agent is not sure if an Affidavit of Disclosure is required, call the County to confirm if the property is non-subdivided and in an unincorporated area.