What does TN Law have about Real Estate Disclosure ?

The Residential Property Disclosure Act in Tennessee Code Annotated Title 66 Chapter 5 sections 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.  Failure to disclosure information can result in the canceling of a contract and can be the basis for legal action.

The disclosure statement should include the property address and the age of the home. Disclosure requires a list of amenities included with the sale and their condition. Sellers must report any known defects or malfunctions of structural or mechanical components. Disclosure also includes a list of conditions that affect the home such as environmental hazards, encroachments, flood or drainage problems, or remodeling work done without permits or compliance to building codes.

If you purchased real estate with preexisting environmental hazards that you were not told about by the seller, then you may be able to pursue legal action.