Tennessee Code (2019 code linked) requires that sellers of a one to four dwelling unit property must provide the buyer with a disclosure statement before a purchase contract is signed. The Tennessee legislature provides the format of the form, and the Tennessee Realtors has also created a user friendly version of this form, which also covers additional disclosures that may be required. We recommend you use the Tennessee Realtors version, referred to as RF201.
How can I get a copy of the Tennessee Property Disclosure Statement?
We will provide you a copy of any Tennessee Realtors disclosure form for free upon submitting a flat fee MLS listing through our website.
Can the buyer waive their right to receive the disclosure?
Yes, but sellers must still provide a disclaimer statement, as noted in TN Code § 66-5-202 (2019 code linked). The Tennessee Realtors also provides a form, referred to as RF204, which satisfies this disclaimer statement and also covers additional disclosures that may be required.
Are there any exemptions to this disclosure?
Yes, for a complete list, see TN Code § 66-5-209 (2019 code linked). Even if you are exempt from the disclosure, sellers should provide the buyer with Tennessee Realtor form RF203 Tennessee Residential Property Condition Exemption, which covers additional disclosures that may be required.
Is there a form used when the seller is exempt from providing the disclosure AND the buyer waives their right to receive the disclosure?
Yes, the Tennessee Realtors has form RF205 Tennessee Residential Property Disclosure (For Exempt Properties and Property Residential Disclaimers), which is used in this situation. This form contains the mandatory disclaimer statement and additional disclosures that may be required.
What should I do if something changes on the original disclosure that sellers provide to buyers?
The Tennessee Realtors has a form, known as RF202 Tennessee Residential Property Condition Disclosure Update, which is used to report changes to the Tennessee Residential Property Condition Disclosure (or to affirm that there are no changes).
Are there penalties for not disclosing a material fact?
Yes. See TN Code § 66-5-208 (2019 code linked) for more information.