Who needs a Residential property disclosure form?
This form is used in the process of selling real estate property in the state of Tennessee. The seller has to disclosure information about the condition of different facilities of the real estate.
What is the purpose of the Residential property disclosure?
The purpose of this form is to inform the future owner of the property about the state of the house or apartment he wants to possess. The Residential property condition disclosure form also stipulates the mail rights and obligations of the buyer and the seller under the Tennessee Residential Property Disclosure Act. The form is completed by the seller to the best of his/her knowledge.
What documents must accompany the Residential property disclosure form?
As a rule, there is no need to accompany this form with other documents. The seller must provide the buyer with a final property disclosure form in case any material changes have occurred or certify that there were no changes.
When is the Residential property disclosure form due?
The Property disclosure form must be sent to the buyer before the real estate purchase and sale agreement is made between the parties. The approximate time for filling out the form is 30 minutes.
What information should be provided in the Residential property disclosure form?
The seller has to indicate the property’s age; the date when the property was acquired; and answer a number of questions about the property he/she possesses.
The seller also has to check the appropriate boxes concerning the property and its condition. If the answer is ‘Yes’, the seller must explain it. All the made repairs by the seller and by the previous owner should be described.
The form is signed and dated by the seller and by the buyer as well.
What do I do with the form after its completion?
The filled in Residential property disclosure form is forwarded to the buyer. The seller should also keep a copy for personal record.