Sell Tennessee Real Estate Contract law

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Is Tennessee a full disclosure state?

What does Tennessee law say about disclosure? The Residential Property Disclosure Act in Tennessee Code Annotated § 66-5-201 to 210 requires most sellers of residential real estate to complete a disclosure statement. The disclosure statement lets the buyers know about the condition of the property.

Is earnest money required in Tennessee?

When a REALTOR® comes into possession of earnest money, the rules of the Tennessee Real Estate Commission (TREC) require that the real estate broker deposit the earnest money in an escrow account or trustee account promptly upon acceptance of the offer, unless the offer contains a statement such as \u201cEarnest money to be ...

Is Tennessee an attorney closing state?

Unlike some states, Tennessee does not require that buyers involve a lawyer in the house-buying transaction. ... Or, you may want a lawyer's help if problems show up during escrow or the house closing. Check out Nolo's Lawyer Directory, to find an experienced real estate attorney in Tennessee.

Which of these transactions is exempt from the disclosure requirements of the Tennessee Residential Property Disclosure Act?

Some sellers are exempt from making disclosures. Common exceptions include sales or transfers between co-owners, new construction, purchases from lenders after foreclosure, auction sales, or if the Seller has not lived in the home within the 3 years before the Closing.

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