Originally Posted By: gromicko
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(September 2) – Now that Arizona’s methamphetamine lab disclosure law has been in effect since July 1, practitioners are contacting the Arizona Association of REALTORS? with their concerns about it. The law requires that a meth lab be disclosed as such. But once a property has been remediated, no further disclosure is required.
The most common question about the new law relates to its interaction with common law, according to Michelle Lind, general counsel for AAR: That is, can the former presence of a meth lab be considered a "repaired defect," which courts have ruled are required to be disclosed? "I don't think there's a legal obligation to disclose," Lind says. "Once it's remediated and you have a certificate from the remediator, there's no further obligation. But from a seller's perspective, if there's been an arrest on the property you ought to disclose it?the neighbors will know and the buyers will find out. So you might as well disclose [the former presence of a lab]."
Lind explains that claims typically result when buyers are surprised after closing. "You reduce the chance of surprises by letting them know the property is clean," she explains. "There've been some meth arrests in some very high-end neighborhoods, so you can't universally say the arrest is going to reduce the value of the property."
?By Paul Beakley for REALTOR? Magazine Online