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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Tennessee, a property disclosure statement is a mandatory document that sellers of residential real property must provide to prospective buyers. This disclosure is governed by the Tennessee Residential Property Disclosure Act, T.C.A. § 66-5-201 et seq. The law requires sellers to disclose any material defects or significant problems with the property that are known to them at the time of the sale. The disclosure statement should cover various aspects of the property, including the condition of the roof, foundation, electrical systems, plumbing, HVAC, and any known issues with pests, mold, or lead-based paint, among others. The purpose of this disclosure is to inform buyers of the condition of the property before they commit to the purchase. If a seller knowingly withholds information about defects, they could be held liable for fraud. However, the law does provide certain exceptions, such as for sellers of new homes, foreclosures, and transactions between co-owners or family members.

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Real property

property disclosure statement

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Real property

property disclosure statement

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