Buying a residential property is a significant legal and financial transaction, and an imprudent purchase can lead to significant loss and complication. This is why a buyer in Tennessee would be wise to ensure that his or her interests are secure by ensuring that the seller gives all necessary information about the property. A seller is required by law to disclose certain details and information for a buyer before the final contract is signed.
Important disclosures a seller must give
The disclosure document is especially important for a buyer. This provides the information necessary to determine what repairs may be required, potential problems and other details that could influence the final decision on a property purchase. Common things that should be in a disclosure include:
- Neighborhood nuisances, such as an odor from a nearby factor or noise from an airport
- Previous deaths in the home, including by natural causes or suicide
- Information about the homeowners association
- Hazards that could compromise the safety of the occupant
- Missing items that often come standard, such as appliances
- Water damage that required mitigation or repairs
- Repairs the buyer may need to make in the home
A seller may need to disclose other details that could be important for the buyer, or the buyer may ask about certain details not in the disclosure form.
Protecting the interests of a buyer
A buyer will benefit from doing everything possible to protect his or her interests during the purchase of a home in Tennessee. The disclosure form is important, but a buyer may need to take other steps to avoid issues before and after the sale. An experienced real estate attorney can assist with every step when buying a home.