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) 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. 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. Publication of residential real estate conditions (No. 66-5-202 (1)) – Informs the buyer of the physical condition of a property. The seller is legally obliged to make this disclosure available to the buyer, unless the buyer waives his right by signing a waiver (see below). If the home sold was built before 1978, it should include lead colouring as well as other forms giving the buyer basic information about the property.