The Tennessee Residential Real Estate Purchase Contract (“Residential Real Estate Purchase Contract”) is a contract that is used when a potential buyer makes an offer to purchase real estate from a real estate seller. The agreement opens the negotiation process by indicating the buyer`s offer for the acquisition of the property. The offer includes the purchase price and the additional conditions set by the buyer. The seller is given a deadline to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer. If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. In Tennessee, potential buyers are entitled to a status report, which outlines any defects in the property. If the buyer wishes, he can waive his right to the report and acquire the property “as he did”. In these cases, the buyer willingly accepts the property with all the defects (if any) that are not mentioned in the sales contract. (No. 66-5-202) Download the Tennessee purchase and sale contract that legally binds the buyer and seller to a residential real estate transaction. This form, provided by the Tennessee Association of Realtors, is the basic instrument used by most real estate agents to fulfill a contract for their clients. For many homebuyers, it is tempting to take a do-it-yourself approach when buying real estate in Tennessee.
Here at Rochford Law – Real Estate Title, we had the pleasure of working with many people who chose to buy or sell a home without using a real estate agent. As a general rule, it is understandable that these people are looking for the purchase price at a low level by avoiding expensive real estate commissions. Buying or selling real estate is a huge transaction and it is worth doing it properly. Typically, buyers or sellers use a purchase and sale contract provided by the agent. It is interesting to note, however, that these ready-to-use forms are often protected by copyright by the real estate association, which commissioned legal advisors to design the form. If a person decides to make a deal without a real estate agent, they may also be tempted to download a free form on the Internet. Contracts for the sale of residential real estate generally contain promises and provisions that guarantee the condition, security and/or value of a property. In most countries, sellers are required to submit a sales contract with documentation guaranteeing the condition of the property. However, Tennessee law places the responsibility to determine if there are any problems with the property on the buyer. This is known as: It should come as no surprise that real estate transactions can vary considerably. Some are very simple, others less so. A sales contract can be as detailed as you need it; But here are the basic components: the contract to buy and sell residential real estate in Tennessee is a form that potential buyers will design when they offer the purchase of a home.
In the document, the buyer is able to outline the details of his offer, including the purchase price, serious money (deposit amount), financial contingencies and closing procedures.