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Property-Condition Exemption

QUESTION: Please why the property condition exemption form no longer has a space for buyer’s signature or the necessary disclosure questions on the form?

ANSWER: The exemption form is different because it is not required by law. If a seller is exempt, they are exempt; they do not need buyer approval for exemption. The forms committee voted to make this form act as a notification to buyers that a seller is exempt. The seller will sign the form and make it available to the buyer purely for their information.

However, an exempt seller is still required by law to make certain disclosures. These disclosures can be found on RF205, Tennessee Residential Property Disclosure (for exempt properties & property residential disclaimers). This form needs to be completed by an exempt seller prior to acceptance of an offer. The law does not require the buyer’s signature on this form, but it will be best for your record-keeping to have the buyer sign it as proof they received the disclosures.

This information is per the Tennessee REALTORS® Legal & Ethics Hot Line Attorneys.

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