Hi everyone this is John Geffen director of broker operations for and join me today again is Ryan Ford our director compliance broker Brian welcome yeah fun subject today yeah this is one that actually is sort of the center of attention when it comes to litigation against sellers from buyers for non-disclosure. Fortunately when that happens, when a lawsuit is filed, many times the buyer will draw in the brokers on both sides on both the listing side and the selling side. So that's the reason we spent a little of time in compliance reviewing the property conditions closure and the importance of that information. So today Ryan's going to sort of walk us through this form along with a couple other forms that are related to the Tennessee residential property disclosure act, which if you look on your screen you'll see the form itself RF 201. And we're not going to go line by line it's a very detailed form, but there is a legal statute in the state of Tennessee that requires an owner who is selling a residential property that has one to four dwelling units to furnish the buyer a disclosure statement or a disclaimer statement which we're going to talk about in just a few minutes. In addition to that, into those two forms which is it's a little confusing but not really the statute talks about exempt properties there is not a form required by Tennessee law for exempt, but the Tennessee Realtors formerly Tennessee Association rulers created a form for exempt property owners. Ron will go through that in just a minute, but anyway I just want to turn this over to him, and he's going to talk. He's going to approach this from a compliance standpoint because when you're dealing with...
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How to prepare TN Residential Property Condition Disclosure 2024 Form
About TN Residential Property Condition Disclosure 2024 Form
The TN Residential Property Condition Disclosure 2024 Form is a legal document specific to the state of Tennessee in the United States. It is used in real estate transactions to provide potential buyers with information about the condition of a residential property. The form requires the sellers of a residential property to disclose certain known defects and issues that may affect the condition of the property. These include but are not limited to structural issues, water leakage problems, electrical issues, plumbing problems, presence of pests or infestations, and any environmental hazards. The form also requires disclosure of any previous insurance claims related to the property. The TN Residential Property Condition Disclosure 2024 Form is generally required when selling a residential property in Tennessee, though there may be exceptions for certain types of sales such as foreclosures, sales by governmental agencies, or when the buyer agrees in writing to waive the disclosure requirement. This form is essential for potential home buyers as it provides them with crucial information about the condition and potential risks associated with the property they are interested in purchasing. It allows buyers to make an informed decision about whether to proceed with the purchase, negotiate the terms, or request repairs or further inspections.
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