Memphis Tennessee Disclosure Statement
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How to fill out Tennessee Disclosure Statement?
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FAQ
Section 580.5(c) requires a transferor to sign, and to print his/her name on an odometer disclosure statement with the following information: (1) The odometer reading at the time of transfer (not to include tenths of miles); (2) the date of transfer; (3) the transferor's name and current address; (4) the transferee's
Under certain circumstances, sellers may be exempted from completing the disclosure, substituting the Tennessee Residential Property Condition Exemption Notification in its place. The most common exemption is when the owner has not resided on the property at any time in the previous three years.
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.
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.
Which transfers of property are exempt from a disclosure report? The property consists of one to four dwelling units. The property is sold at public auction. The property is a sale, exchange, land sales contract, or lease with option to buy.
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.
What Must You Tell Buyers? Tennessee is what is known as a full disclosure state, meaning that the seller of residential property must disclose all known material defects to the buyer before or at the time an offer is made.
N=Not actual mileage (the odometer is broken, has been replaced, or the current owner is unsure of the true mileage).
The Transfer Disclosure Statement (TDS) is required in the state of California unless the seller (or transferor) meets one of the following conditions: Court-ordered sales such as probate sales, foreclosure sales, sale by bankruptcy trustee, eminent domain.
PURPOSE: Federal and state law require both seller (transferor) and buyer (transferee) to accurately state the mileage of any used motor vehicle, with a manufacture year of 2011 or newer, in connection with the transfer of ownership whether sale, trade-in or exchange.