The offer includes the purchase price set by the buyer and additional conditions. The seller is given a period within which he can respond to the offer before it expires. During this period, the seller may modify the conditions by submitting a counter-offer to the buyer. If both parties reach an agreement on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. It should come as no surprise that real estate transactions can vary greatly. Some are very simple, others less so. A sales contract can be as detailed as you need; However, here are the fundamentals: Real estate purchase contracts usually contain promises and provisions that guarantee the condition, safety and/or value of a property. In most states, sellers must present a contract of sale at the same time as documents guaranteeing the condition of the property. However, Tennessee law defines the buyer`s responsibility to determine if there are problems with the property. This is called: in Tennessee, potential buyers are entitled to a status report that exposes possible defects in 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) The contract of sale should clearly state who pays for the title insurance loan policy, the owner`s property insurance policy, transfer tax, mortgage tax, registration and attorney fees, as well as the closing costs related to the preparation of the closing declaration and the preparation of the deed. It is preferable that the contract addresses these issues in a manner consistent with standard Tennessee practice and procedure to allow for a smooth, stress-free conclusion. For many home buyers, it`s tempting to take a “do-it-yourself” approach to buying real estate in Tennessee. Here at Rochford Law & Real Estate Title, we have had the pleasure of working with many people who have chosen to buy or sell a home without hiring a real estate agent. As a general rule, it is understandable that these people try to keep the purchase price low by avoiding expensive real estate commissions. Buying or selling real estate is a major transaction and it is worth doing it properly. Typically, the buyer or seller uses a purchase and sale contract provided by the agent. It should be noted, however, that these ready-to-use forms are often protected by the real estate company, which has commissioned a lawyer to draft the form. If a person chooses to enter into a transaction without a real estate agent, they may also be tempted to download a free form from the Internet. The Tennessee Residential Real Estate Purchase Agreement is a contract that is used when a potential buyer makes an offer to purchase real estate from a home seller.
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