Property Disclosure Statement Form - Tennessee

The Property Disclosure Statement Form in Tennessee is used by sellers to disclose any known material defects or issues with a property before selling it. This helps buyers make informed decisions about purchasing the property.

In Tennessee, the seller of the property is responsible for filing the Property Disclosure Statement form.

FAQ

Q: What is a Property Disclosure Statement?A: A Property Disclosure Statement is a form that sellers in Tennessee are required to complete and provide to potential buyers. It discloses any known defects or issues with the property.

Q: Why is a Property Disclosure Statement important?A: A Property Disclosure Statement is important because it provides buyers with information about the condition of the property. It helps buyers make informed decisions and negotiate the terms of the sale.

Q: What kind of information does a Property Disclosure Statement include?A: A Property Disclosure Statement may include information about the age of the roof, plumbing or electrical issues, presence of lead-based paint, previous damage or repairs, and any other known issues.

Q: Who is responsible for completing the Property Disclosure Statement?A: In Tennessee, it is the seller's responsibility to complete the Property Disclosure Statement.

Q: Is the seller required to disclose all known issues?A: Yes, the seller is required to disclose all known issues with the property on the Property Disclosure Statement.

Q: What happens if the seller fails to disclose a known issue?A: If the seller fails to disclose a known issue, they may be held liable for any damages or expenses incurred by the buyer as a result.

Q: Can a buyer back out of a sale based on information in the Property Disclosure Statement?A: Yes, if the buyer discovers significant issues with the property after reviewing the Property Disclosure Statement, they may have the option to back out of the sale.

Q: Can a buyer request repairs based on information in the Property Disclosure Statement?A: Yes, if the Property Disclosure Statement reveals any issues with the property, the buyer may request repairs or negotiate the terms of the sale based on that information.

Q: Is a Property Disclosure Statement legally binding?A: Yes, a Property Disclosure Statement is a legally binding document in Tennessee.