A home purchase or sale is one of the largest transactions most people will ever complete. In Tennessee, home sellers are required to provide information about the condition of the property to the buyer and must disclose certain property defects to the best of the seller’s knowledge.
Sellers complete a form called a residential property condition disclosure report. The report is intended to identify any known information that would affect the buyer’s decision to purchase the property if he or she knew about it.
It includes general information such as the property’s address, the seller’s name, the age of the property, the date the seller acquired the property and whether the seller occupied the property. It also includes a list of items that will be included in the sale like a central air conditioning and heating, appliances, garage door openers and similar items.
The disclosure report requires the seller to note any defects or malfunctions with walls, ceilings, plumbing, the roof, basement and foundation, among others. This information is especially helpful to buyers because these items can be expensive to repair or replace.
Buyers may not be aware that sellers must also disclose details like flooding or drainage problems, citations against the property, zoning violations and information about recent inspections to evaluate moisture damage or excessive moisture accumulation.
The seller is not required to have the home inspected before completing the form, however the buyer is entitled to ask for an inspection or other professional advice about the home before the purchase.
It’s important that the seller completes the form accurately. If a real estate dispute arises between a seller and buyer, an experienced attorney can evaluate the situation and provide representation.