Tennessee REALTORS® Work for Sinkhole Disclosure
With Tennessee ranked the fifth-riskiest state for sinkholes, the Tennessee Association of REALTORS® is working to protect homebuyers from the often devastating losses caused by them.
Sinkholes are a problem in many parts of the United States. They are safety hazards and can cause extensive damage to houses and other buildings. A lot of publicity has been given to occurrences of sinkholes in Florida, Kentucky and other states.
Most sinkholes are caused by geological conditions. In Tennessee, much of the rock just below the surface is limestone, which is easily eroded by groundwater. When the limestone erodes, the ground collapses and a sinkhole forms.
No one can prevent these naturally occurring sinkholes, but forewarned is forearmed. The Tennessee Association of REALTORS® is supporting a bill in the General Assembly that would require sellers of property to disclose the presence of sinkholes. The bill, HB 796, states that sellers would have to make written disclosure of a known sinkhole on the property and would also have to obtain a receipt for the disclosure. If enacted, the disclosure requirement would be effective July 1, 2015, and would apply to contracts for the sale of property entered into on or after that date.
REALTORS® support the disclosure of sinkholes for the simple reason that the more a potential homebuyer knows about a property they are considering, the better off every party in the transaction will be. Disclosure gives a buyer the opportunity to make an informed decision about the purchase, and to plan ahead for the potential of serious property damage.
The Tennessee Association of REALTORS® is working hard as an advocate for homebuyers and property owners throughout the state.