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. In the new version of the contract, the buyer must immediately inform the seller if the value of the property does not equalize or exceed the purchase price. After notification, the buyer has three (3) days to waive the rating or terminate the contract. This language allows buyers and sellers to negotiate a new purchase price and make a contract change within three days, if the parties wish. 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) Lead-Based Paint Disclosure – Provides buyers with information on whether a home contains lead paint or not. The use of the form is only necessary for the sale of real estate built before 1978. 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. This is an amendment to the previous requirement that the buyer terminate the contract or waive the eventuality within two (2) days of receiving a buyer`s assessment if the value is not equal to or greater than the purchase price.
If the buyer forbids waiving the assessment or terminating the contract as stated above, this possibility is considered fulfilled. Subsequently, non-compliance is not used as a basis for the refusal of the loan or the termination of the contract.