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. The sales contract must clearly state who pays for the title insurance credit policy, the owner`s insurance policy, the transfer tax, mortgage tax, registration and legal fees, as well as the acquisition costs associated with the closing statement and fact-making. It is preferable for the contract to treat these problems in a manner consistent with standard practices and procedures in Tennessee, in order to ensure a smooth, stress-free conclusion. The Tennessee Residential Real Estate Purchase and Sale Contract is a form that potential buyers will design when they offer to buy 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. The seller of real estate can negotiate these conditions by responding with a counter-offer within a time frame specified in the document. If the seller takes no steps to accept the terms or make a counter-offer before the deadline expires, the offer is cancelled and the buyer must restart the negotiation process. The contract is legally binding as soon as the seller approves the terms and both parties sign the contract.
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. 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) 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.