The Arizona Revised Statutes have been updated to include the revised sections from the 57th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 58th Legislature, 1st Regular Session, which convenes in January 2027.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
48-7045. Seller disclosure; form of notice
A. This section applies to the sale or other conveyance of any residential real property that is located within the boundaries of a district formed under this chapter and that is authorized to levy an ad valorem tax, assessment, fee or charge that appears as a separate line item on the property tax bill for that property.
B. A seller of residential real property to which this section applies shall provide to each prospective purchaser a written "district disclosure notice" that contains, at a minimum, the information described in section 48-7043, subsection C and that substantially complies with the form prescribed by the district.
C. The seller shall deliver the district disclosure notice as follows:
1. For a transaction in which the purchaser signs a written offer, the seller shall deliver the notice to the purchaser on or before the date on which the purchaser signs a binding purchase contract for the property.
2. For any other transaction, the seller shall deliver the notice to the purchaser before the purchaser becomes obligated under any binding agreement to acquire the property.
D. A district disclosure notice satisfies the seller's obligation under this section if the notice:
1. Identifies the district by legal name and common name, if any.
2. States that the property is located within the district and is subject to the district's taxing and assessment authority.
3. Includes a brief description of the district's purposes and powers, including its authority to levy ad valorem taxes, assessments, fees or charges and a description of the public infrastructure the district is authorized to finance, identifying which categories of public infrastructure are required by the applicable municipality or county and which categories are not required but have been elected to be financed by the district.
4. States the current ad valorem tax rate or assessment rate imposed by the district and provides an example of the estimated annual tax or assessment on a hypothetical residential property value.
5. States that actual taxes, assessments, fees and charges on the property may change over time and may differ from the example provided.
6. States that the formation of the district was reviewed and approved by the authority designated pursuant to this chapter and that the district is a separate political subdivision from the municipality and the county in which it is located and that any ad valorem taxes, assessments, fees or charges imposed by the district are levied by the district and are not taxes, assessments, fees or charges of the municipality or the county.
7. Provides the internet website address for the district and advises the purchaser that additional and updated information regarding the district's finances, meetings and operations is available on that website.
E. A seller may satisfy the disclosure requirements of this section by:
1. Providing the purchaser with a current copy of the standardized district disclosure notice made available by the district pursuant to section 48-7043, subsection C.
2. Identifying the district's website address in the purchase contract or in a separate written disclosure delivered with the notice.
F. A seller who, in good faith, relies on information contained in the standardized district disclosure notice provided by the district or posted on the district's website at the time of disclosure is not liable for an inaccuracy in that information unless the seller had actual knowledge of the inaccuracy.
G. A seller's compliance with this section does not satisfy or limit any obligation of a subdivider or other seller to obtain and deliver a subdivision public report under title 32, chapter 20, article 4, and does not limit any disclosure obligations imposed by section 33-423 or any other provision of law.