Home sellers have a lot of work to do. They have to determine an asking price for their house and decide whether or not to work with a real estate agent to list and market their property. Sellers also need to think about where they want to live once their current home has been sold.
Most home sales require certain disclosures. Disclosures let potential buyers learn more information about the house. Failure to provide this information could allow the buyer to sue for breach of contract.
Selling a home in Tennessee isn’t always easy. The entire process can take several weeks or months to complete. There are different steps that need to be taken and various parties that will be involved along the way. You should still be able to sell your home with a reasonable asking price, determination and a solid plan of action.
Here are some of the things that home sellers in Tennessee must disclose
1. The property address.
2. The age of the house.
3. The amenities that are included in the property.
4. The home’s condition. Any mechanical or structural problems must be reported.
5. Any potential hazards, such as flood or damage issues, environmental concerns, encroachment, or any repairs or renovations that were done to the home that either did not comply with current building codes or that were performed without permits. Homebuyers that were not informed about any potential pre-existing environmental issues may be able to seek legal remedies.
Sellers will be asked on the form about the condition of their home’s insulation, heating and cooling system, roof, insulation, plumbing and other items. There will be questions about structural issues, rot, mold, radon, asbestos and other potential hazards. You can reply “yes,” : no” or “unknown” to these questions.
If you don’t know the answer to a particular question, you can respond with “unknown.” You don’t need to conduct research. You also don’t have to be an expert. It’s not essential that you know whether or not your air conditioner is operating at peak efficiency. You just have to maintain it properly and know that it’s in good working condition.
A completed form that’s signed by the homeowner must be made available to interested buyers under the Tennessee Residential Property Disclosure Act. These disclosures are mandatory for anyone who is selling a property with one to four residential units in the state. This form should be supplied to anyone who expresses interest in buying the home so that they can ask for a home inspection or seek expert advice about the house’s condition.
There are certain things that you don’t have to disclose
1. If there was a suicide or murder in the home. These may be very unsettling or disturbing incidents, but you’re not required to reveal them if they happened in your house. State law does not consider such events important in regards to a home sale.
2. If previous owners have had HIV or any other diseases or conditions that could easily be transferred to future owners of the property. This information is considered to be confidential. It has also been ruled as having no bearing or impact on the sale of a house.
Potential buyers can decide to waive these disclosures if they want. This is usually done if the buyer needs to move quickly or if they’re concerned about other offers on the home. Disclosures may also be waived if an interested party intends to remodel or renovate the home themselves or if they plan on tearing down the home and constructing a new house on the property.
A disclaimer statement must be given to anyone who chooses to forgo disclosures. This statement will basically state that the buyer will take ownership of the home in an “as is’ ‘ condition.
There may be defects, problems or upgrades that will need to be made by the buyer. It should also note that the seller is not making any guarantees or representations as to the house’s actual condition. This disclosure should be included with the purchase agreement.
It’s a good idea to be honest and upfront about the home before you sell. You may have to lower your asking price in certain instances, but it also reduces the chances of the buyer walking away from the deal or suing you for breach of contract if problems are discovered after the sale.
It can also aid in any negotiations that you may need to make with the buyer about any renovations or repairs that need to be made.
Tennessee state law requires home sellers to make any necessary disclosures in good faith. You shouldn’t hide any problems with the house, no matter how major or minor they are You should also avoid hiding any issues and you should not mislead potential buyers.
Buyers can sue home sellers for any substantial problems or defects that they have found after moving in to the home. They can sue for damages that they incurred. In most cases, these damages are the costs that they have paid or will need to pay to repair or remedy the problems. Damages can run in the thousands, tens of thousands or even hundreds of thousands of dollars, depending on the number and the severity of the issues that need to be addressed.
If you want interested parties to respect you and work with you as opposed to another seller, just be honest with them. It builds trust and gives them more reasons to consider the home that you have for sale. It’s okay if your home isn’t perfect.
Most homes aren’t. There are always things that need to be fixed, upgraded or replaced from time to time. Being completely open and honest throughout the process will be a lot less stressful for both you and the home buyer. It will also make the transition easier for you. You can breathe a sigh of relief once the transaction has been completed, and look forward to beginning the next chapter of your life in a new location.
Have Questions? Ask The Lumiere Team!
Your real estate agent is the best source of information about the local community and real estate topics. Give Rebecca Edwards call today at 901-451-2001 to learn more about local areas, discuss selling a house, or tour available homes for sale.