Residential property disclosure act in tennessee code annotated § 66-5-201 to 210
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Terms Used In Tennessee Code > Title 66 > Chapter 5 > Part 2 - Residential Property Disclosures
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What properties does the Tennessee Residential property Disclosure Act apply?The Act applies to all sales of residential real property consisting of not less than one dwelling unit, but not more than four dwelling units. The Act applies even if real estate agents are not involved in the sale. The disclosure form required in Tennessee is lengthy, detailed and comprehensive.
Which of these transactions is exempt from the disclosure requirements of the Tennessee Residential property Disclosure Act?Common exceptions include sales or transfers between co-owners, new construction, purchases from lenders after foreclosure, auction sales, or if the Seller has not lived in the home within the 3 years before the Closing.
Is TN a full disclosure state?What Must You Tell Buyers? Tennessee is what is known as a full disclosure state, meaning that the seller of residential property must disclose all known material defects to the buyer before or at the time an offer is made.
For which transaction would the seller have to provide property conditions to the buyer according to the Tennessee Residential property Disclosure Act?As a seller of a property with one to four dwelling units, you in most situations must provide the buyer with a disclosure statement before a purchase contract is signed. (For exemptions, such as for transfers between co-owners or divorcing spouses, see Tenn. Code Ann. § 66-5-209.)
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