contracts

Residential Property Disclosure or Disclaimer Statement (Tennessee)

Tennessee's Residential Property Condition Disclosure Act requires owners of one to four unit residential property, with or without a licensee, to give buyers either a disclosure statement of known material defects or, only if the buyer waives the disclosure, a disclaimer statement selling 'as is.' It must be delivered before acceptance of the purchase contract, and the owner must update or certify condition at or before closing. Damages suits must be filed within one year. Owners who have not lived in the property within three years are exempt.