Every year, the Tennessee Association of Realtors addresses needed changes in the TAR forms used by Tennessee realtors.
One major change this year concerns who orders and pays for the termite inspection. Until Jan 1, 2011 the termite inspection was normally ordered by the listing agent and paid for by the seller.
Starting Jan 1, 2011 this changed to being ordered by the buyers agent and paid for by the buyer. The reason for this change was because there was so much fraud involved and many times the buyers get to the closing table with their furniture in the back of their truck and then they find out there is termites and something has to be negotiated to take care of the problem.
The intent now is that the termite inspection be done around the same time as the home inspection and any problems be dealt with well before the closing table.
In my opinion this is a great change and only cost my buyers $50 more instead of what it might cost if problems disclosed at the last minute. Anything that can be done to protect my buyers then I am all for it 100%.
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