The contract for the purchase and sale of residential properties in Tennessee is a form that potential buyers design when they propose to buy a home. In the document, the buyer can describe the details of his offer, which include 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 period set in the document. If the seller does not take steps to accept the conditions or make a counter-offer before the expiry of the period, the offer is not valid and the buyer must resume the negotiation process. The agreement is legally binding as soon as the seller accepts the conditions and both parties sign the contract. In Tennessee, potential buyers are entitled to a status report setting out any failures of the property. If the buyer wishes, he can renounce his right to the report and buy the property « as we will see ». In these cases, the buyer gladly accepts the property with all defects (if any) that are not mentioned in the sales contract. (§ 66-5-202) Lead-based color opening – Provides buyers with information about whether or not a home contains lead-based paint.
The use of the form is only necessary for the sale of real estate built before 1978. Download the Tennessee Sales Agreement that legally binds buyers and sellers to a residential real estate transaction. This form provided by the Tennessee Association of Realtors is the basic tool used by most real estate agents to fulfill a contract for their clients. Disclosure of the condition of residential property (§ 66-5-202 (1)) – Inform buyers of the material condition of a property. The seller is legally obliged to provide this information to the buyer, unless the buyer waives his right by signing a waiver statement (see below). If the dwelling for sale was built before 1978, lead paint must be included as well as other forms that give the buyer basic information about the property….