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The Tennessee Residential Property Disclosure Act states that anyone transferring title to residential real property must provide information about the condition of the property. This completed form constitutes that disclosure by the seller.

The Land Contract or Memorandum must state that the buyer is responsible for paying the property taxes. The Land Contract or Memorandum must be selling the property. Option to buy or lease agreements will not qualify for the homestead and mortgage deductions. The Land Contract or Memorandum must be recorded.

Some examples of what needs to be disclosed: If there are pests or Japanese knotweed problems either currently or in the past. If your neighbours have an Anti Social Behaviour Order (ASBO) Any structural issues with the property. Any planning permission, whether it was granted, is pending, or was denied.

Sellers must report any known defects or malfunctions of structural or mechanical components. Disclosure also includes a list of conditions that affect the home such as environmental hazards, encroachments, flood or drainage problems, or remodeling work done without permits or compliance to building codes.

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.)

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.

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.

Property sellers are usually required to disclose negative information about a property. It is usually wise to always disclose issues with your home, whether you are legally bound to or not. The seller must follow local, state, and federal laws regarding disclosures when selling their home.

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.

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.