If you’re a home seller in Tennessee, you must be familiar with your disclosure obligations. The Tennessee Ann Code 66-5201 to 210 provides the general requirements for home sellers in that state.
As a seller with one or more units, the law requires you to allow buyers to read through all information on your property before they sign up as customers. Read along to learn more about home seller disclosure obligations in Tennessee!
Aside from a home’s more obvious physical features, several home components must be in good working order for a home to be livable. Floors, windows, plumbing, electrical, roof, and central air conditioning are examples.
Material defects occur when these systems or components are not in good working order. Additionally, sellers in Tennessee must disclose to potential buyers any material defects they are aware of; this ensures that buyers can make an informed decision about whether or not to buy the house.
The seller is not required to find flaws or research the property, but they must be truthful about what they know, including sinkholes, PUDs, injection wells, and foundation issues.
In Tennessee, the law prioritizes the former owners’ privacy, which means it is up to the buyer to research if they want to find out about any potentially troubling history connected to the property. Defects that are not material examples are things are a disease that is unlikely to be transmitted by the property, homicides, felonies, or suicides that have taken place in the home.
As a homeowner in Tennessee, it’s essential to be aware of the state’s laws regarding reporting defects. Also, the law only requires you to report material defects you already know of.
You can get sued! If a lawsuit is successful, the buyer may be entitled to actual damages, additional legal or equitable recovery, and termination of the purchase-and-sale agreement.
If you’re a homeowner in Tennessee, you must know your home seller disclosure obligations. Failure to disclose known defects can result in legal action against the seller.
Are you considering buying or selling a home in the Knoxville area? We’d love to help you! Please click here for our contact page and we’ll reach out to you promptly. Would you like to see more great info from The Big Orange Press? Please click here for our blog page.
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