Posts Tagged ‘Tennessee Land & Property Law’
In Tennessee, a buyer must receive a Residential Property Condition Disclosure prior to the purchase of residential property. The disclosure details the condition of the property as of the date seller and buyer enter into a purchasing contract.
The required content of the disclosure is detailed in the Tennessee Annotated Code 62-5-201, also known as the Disclosure Act. Under the code, sellers are obligated to document the address, age and amenities of the property, as well as any structural or mechanical defects.
A seller may include supporting documentation, such as a home or termite inspection to address questions found on the disclosure. However, such documentation is not a substitute for the required disclosure.
Properties that are bank-owned, have not been occupied in three years prior to sale, and transfers between co-owners are exempt from the disclosure requirement. Also exempt are sellers of new construction or homes sold at auction.