Tennessee is a fabulous place to live and a great place to buy real estate.
One bonus of living in Tennessee is that we do not have a State income tax. This is appealing to many residents who like to hold onto their hard earned money.
Whether you are a buyer or seller of real estate in Tennessee, it is good to know about our State contracts. They are created by the Tennessee Association of Realtors legal team and are examined and re-vamped yearly. The Realtors across the State all use the same form and fill in the blanks the attorneys leave us. In my opinion, the contracts are very fair and neither favors the buyer or seller. With that said, I would also like to make a comment about all the contingencies in the contracts that do favor the buyer and seller. The buyer can get out of the contract for numerous reasons that include, but not limited to, financing, inspections, appraisal, and surveys. However, there is a disclaimer that gives the seller a comfort level and that is our declaimer paperwork. This is a 3 page document that lists issues the buyer may foresee and puts the burden on the buyer to take due diligence. It implies that the seller is not making any representations. Such items include: water source, electrical systems, surveys, all inspections, title work, etc. The best advice I can give a buyer, use an experienced Realtor, inspector and hire an attorney for your closing and title work.
Tennessee has rocky terrain and has had a lot of Radon gas issues in these areas. It is important to get a Radon test when purchasing a home in Tennessee. Most inspectors are capable of preforming this simple test, and if the house has high levels of Radon gas there is a solution. A mitigation system can be installed. The price of this system can range from $1,000 - $2,000 (approximately). The price is calculated based on square footage and whether there is a basement or crawl space in the house. It is customary for all inspection results to be re-negotiated between buyer and seller after inspection report is performed.
Termite letters are also important to get when buying a home in Tennessee. The wood destroying insect clause is part of our state contract, and states that the buyer performs the test when having their home inspection. However, if there is an issue with wood destroying insects, it is customary for the seller to pay for the treatment.
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