Contracts
Under the Tennessee Residential Property Condition Disclosure Act, 'material defects' include:
AOnly structural issues with the foundation
BAny condition or defect that has a significant adverse effect on the value of the property or poses an unreasonable risk to people✓ Correct
COnly defects discovered in the past 12 months
DOnly defects that cost more than $1,000 to repair
Explanation
A material defect under the Tennessee disclosure law is any condition affecting the value, desirability, or habitability of the property, or posing a risk to people. This includes structural issues, water intrusion, environmental hazards, mechanical failures, and more.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Disclosure Requirements
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