Two co-owners of a Tennessee duplex decide that one will buy out the other's interest. They are wondering whether the selling co-owner must provide the Tennessee Residential Property Condition Disclosure form. Which statement correctly applies Tennessee law to this situation?
Correct Answer
A) The disclosure is not required because transfers between co-owners are exempt under the Act
Under Tenn. Code Ann. § 66-5-209, transfers between co-owners are specifically exempt from the Tennessee Residential Property Condition Disclosure Act. When one co-owner purchases another's interest in a property, the selling co-owner is not required to complete and deliver the standardized disclosure form.
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Related Topics & Key Terms
Key Terms:
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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