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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.

Content

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.

Additional Documentation

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.

Exemptions

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.