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What are required disclosures for a residential home purchase?

On Behalf of | Jul 21, 2021 | Real estate transactions |

Buying a home is a significant legal and financial transaction. A buyer has the right to know details regarding the property he or she is purchasing, and the law requires that sellers disclose certain types of information. This information can help a buyer make a smart decision and avoid a purchase that could require expensive repairs and other complications in the future. Before buying a home in Tennessee, a buyer should know what information to expect from the seller.

What are required disclosures?

In most cases, sellers don’t have to search their homes to look for problems, but they do have to provide information about problems of which they are aware. Consider the following facts about required disclosures:

  • It may be helpful to ask for an inspection of the property when making an offer on a home.
  • The buyer may ask the seller to fix certain problems or reduce the asking price after receiving the required disclosure.
  • A buyer has the right to ask questions about the property and negotiate with the seller regarding repairs to the property.

Dealing with disclosures can be complex. A Tennessee buyer can benefit from the assistance of an attorney who can help them navigate the entire homebuying process.

Guidance at every step

It is helpful to have experienced legal guidance at every step of the residential home purchase process. This makes it less likely a buyer will experience some type of difficulty that could cost him or her additional cost or stress. An attorney will also ensure a buyer has all required disclosures about the desired property before he or she moves forward.