Escrow & Title
In Tennessee, a 'property information sheet' or 'seller's disclosure notice' may also include information about:
AThe seller's motivation for selling
BHOA fees, assessments, and rules that will affect the new owner✓ Correct
CThe buyer's financing plans
DThe listing agent's commission structure
Explanation
In addition to property condition disclosures, sellers and their agents should ensure buyers receive complete information about HOA fees, pending special assessments, and community rules. This information is material to the buyer's purchase decision.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
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