Marcus is selling his duplex in Memphis through a foreclosure proceeding. The buyer's agent asks whether Marcus must provide the Tennessee Residential Property Condition Disclosure form. Which of the following correctly describes Marcus's obligation?
Correct Answer
C) Marcus is exempt from the disclosure requirement because the sale is a foreclosure
Under Tenn. Code Ann. § 66-5-209, foreclosure sales are specifically exempt from the Tennessee Residential Property Condition Disclosure Act. Because Marcus's duplex is being sold through foreclosure, he is not required to provide the standardized disclosure form regardless of the property type.
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Related Topics & Key Terms
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Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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