When listing a home, sellers and agents have a legal responsibility to tell everything they know about a home. Most lawsuits pertain to home buyers knowing that a homeowner intentionally hid facts. The following are seller disclosure requirements for Franklin, TN listings.

Why Sellers Must Disclose

Disclosing material facts is critical. In minor cases, not divulging facts about a residence may simply lead to a buyer spending more money repairing a home. In more severe cases, it may lead to injury. There was a case where a heating system problem led to the death of the home buyers and to the seller being guilty of manslaughter. Sellers often assume that disclosing some problems influences whether a home sells or the selling price, but neglecting to provide facts may lead to more severe outcomes.

Disclosure Forms

Sellers can use special forms for reporting information on a home. It may also be mentioned in  the Purchase & Sale Agreements. Reporting all issues, even resolved issues, is the safest way to transfer properties. Buyers will always discover the issues anyway during inspections, after they live there, or when speaking to neighbors. Additionally, buyers tend to negotiate fixes more aggressively when they come across an issue themselves than if disclosed before making an offer. To help facilitate disclosure, maintain documentation from purchases or contract work.

Seller Disclosure Requirements For Franklin TN Listings

Being up-front about issues in a property results in a smoother transaction and prevents issues after the sale. Sellers do not need to disclose personal information such as the reason for selling, but must divulge everything about the home itself. This article with seller disclosure requirements for Franklin TN listings was provided by Jim Eaton at Blueprint Realty, Inc. and is intended as an overview.

 

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