Tennessee guide
Tennessee condo resale certificate review
Tennessee does not issue a single "resale certificate." For residential condominiums, the functional equivalent is the information package the association must furnish under T.C.A. §§66-27-502–503 on a prospective purchaser's written or electronic request.
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It is delivered within 10 business days, or at least 10 business days before closing if not yet available, for a "reasonable fee" that the statute does not cap. The package is broad — governing documents, financials, reserves, 24 months of minutes, insurance, litigation, delinquency, and declarant-control status — but it is a disclosure floor, not a quality guarantee. Planned-community HOAs have no §66-27-503 equivalent at all, so this statutory package applies only to condominiums.
What §66-27-503 requires the package to contain
The §66-27-503 package must include the declarant and association information, the recorded master deed or declaration, bylaws, charter, all amendments, and current rules; the most recent balance sheet, income statement, and approved or projected budget — which must state the reserve amount or that there is none, and whether a reserve study was done and where it is available; 24 months of board and member meeting minutes; the unit's current and special assessments and any delinquencies; an insurance statement; any unsatisfied judgments and pending suits against the association; an association-wide total of assessments more than 60 days past due (from a report no more than 90 days old); and whether the board is still under declarant control and, if so, when control ends. The requesting party may rely on the information unless it has actual knowledge to the contrary. Confirm the package is complete before relying on it, because no Tennessee regulator verifies it for you.
Delivery, fees, and the §66-27-505 penalty
Under §66-27-502 the association (or the declarant during construction) must provide the package within 10 business days of the request, or at least 10 business days before closing if it is not yet available, and may charge a reasonable fee that may be assessed against the unit if unpaid. Unlike states with a fixed estoppel-fee cap, Tennessee sets no statutory dollar limit, so confirm the fee against local practice. If the association or declarant fails to provide the package, §66-27-505 imposes a $250 penalty after the first request and $500 if it is still not supplied within 10 business days of a second request, plus costs and reasonable attorney's fees. A purchaser is also not liable for past-due assessments that timely disclosure would have revealed after a second request, absent actual knowledge. Request the package early so the clock leaves room to read it.
No general rescission — only the narrow declarant-control right
Tennessee grants no general resale cooling-off or rescission right tied to receiving the package. The one statutory exception is narrow: under §66-27-505, if the declarant still controls the association at the time of the request and fails to provide the §66-27-503 information on time, the buyer may rescind the contract (or extend closing 10 business days after the information is provided), with specific-performance and fee remedies. For ordinary resales outside declarant control, your cancellation right comes entirely from the purchase contract's contingencies — Tennessee's timeshare cooling-off rights do not apply to condos. Build adequate document-review time into the offer and calendar it so the package arrives with time to act.
Read the package together, and ask for what it omits
Tennessee risk rarely lives in one document. Read the budget's reserve disclosure against the reserve study itself — required for covered condos since January 1, 2024 under §66-27-403(g) — because a study can exist while the funded balance sits near zero. Read the insurance statement against §66-27-413's 80%-replacement floor and the master policy's wind/hail deductible, given Tennessee's tornado and hail exposure and the absence of a state FAIR Plan. The package discloses pending suits and unsatisfied judgments, but request the master-policy declarations page, loss history, and any litigation specifics directly. A clean-looking package on an aging Memphis masonry building or a new Nashville tower can still carry significant special-assessment risk that only surfaces when the documents are cross-referenced.
Tennessee legal references
- T.C.A. §66-27-503 — Information to be provided to a purchaser
- T.C.A. §66-27-502 — Responsibility to provide information (10-business-day delivery)
- T.C.A. §66-27-505 — Remedies; narrow declarant-control rescission
Informational only. Not legal advice. Always confirm against current statute and counsel.
Need help applying these Tennessee statutes to your specific situation? We can connect you with state-licensed counsel and specialists familiar with this exact regulatory environment.
Find a Tennessee specialist →Reviewer's checklist
- Submit a written or electronic §66-27-502 request and confirm delivery within 10 business days / 10 days before closing
- Confirm the full §66-27-503 package is complete — documents, financials, minutes, insurance, litigation, delinquency, declarant control
- Confirm the fee charged is reasonable (Tennessee sets no statutory dollar cap)
- Read the budget's reserve disclosure and compare the funded balance to the reserve study
- Read the insurance statement against the §66-27-413 80%-replacement floor and the wind/hail deductible
- Read the pending-litigation and unsatisfied-judgment disclosures and request specifics
- Check the association-wide >60-day delinquency snapshot
- Confirm whether the declarant still controls the board (narrow §66-27-505 rescission may apply)
- Request the master-policy declarations page and loss history beyond the statutory summary
- Calendar your contract's review window — there is no general statutory rescission
Want this same review on your actual documents? We do it free, with page citations you can verify.
Get My Free Risk Report →Source documents
- Declaration & bylawsthe rules
- Budget & financialsthe money
- Reserve studythe big repairs
- Meeting minuteswhat the board fears
Cross-reference
The risk lives in the contradiction between documents.
An assessment in the minutes but not the estoppel; a reserve the budget never funds.
Risk report
Severity-graded across 8 categories.
Every finding cites the document, page number, and quoted text.
How CondoSignal reviews this
We read the reserve study, operating budget, and 24 months of meeting minutes together — tennessee condo resale certificate review risk usually lives in the contradiction between documents, not in any single one of them. Every finding cites the source document, the page number, and the quoted text behind it.
See our 8-category framework →Risk Intelligence
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Most buyers get 7–14 days to review condo documents. Upload the packet — we read the reserve study, budget, minutes, and insurance summary and flag the risks, every finding linked to the exact page. Free.
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Related risk areas
Read these next to round out your due diligence
Estoppel Certificate Review
In Florida, an estoppel certificate is the legally binding document that fixes, at a specific moment in time, everything a buyer and a closing agent need to know about a unit's financial standing with its condominium association.
Condo document review
A condo document review is the structured analysis of every disclosure document your seller or association has provided — declaration, bylaws, rules, reserve study, budgets, financials, meeting minutes, insurance summary, estoppel or resale certificate, and any pending special assessment notices.
Condo Buying Checklist
Buying a condo is not like buying a single-family home.
Related reading
Guides for Tennessee buyers and owners
Buying a Tennessee Condo or HOA: Why Your Own Diligence Carries the Load
Tennessee lightly regulates condos and barely regulates HOAs at all. Here is what the state does and doesn't require — and the documents you must demand yourself before closing.
Should I Buy a Condo With Incomplete Resale Documents?
Incomplete resale documents are a red flag of their own near your deadline. Learn what's usually missing and get a free document review.
What to Look for in Condo Documents: A Buyer's Complete Guide
A resale package contains roughly a dozen documents. Learn what each one discloses, what most buyers overlook, and which sections to read closely before you close.
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Reviewed by Kirk Hasley, Founder. Every claim here is checked against current Tennessee statute and primary sources, using the same documented review framework we run on every file. Last reviewed June 13, 2026.
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Risk Intelligence
Review the documents before your contingency ends
Most buyers get 7–14 days to review condo documents. Upload the packet — we read the reserve study, budget, minutes, and insurance summary and flag the risks, every finding linked to the exact page. Free.
Expert Matching
Need a real estate lawyer or mortgage specialist?
We can connect you with vetted real estate lawyers, mortgage brokers, and insurance brokers familiar with the specifics of condo and HOA transactions.
- HOA lawyer