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. As a general rule, it is understandable that these people are looking for the purchase price at a low level by avoiding expensive real estate commissions. Buying or selling real estate is a huge transaction and it is worth doing it properly. 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. While it does not transfer the title to a building, land or home, it helps you determine the responsibilities of all parties to the transaction before the property in question is actually transferred. In other words, it lays the groundwork for the final sale. 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. It should come as no surprise that real estate transactions can vary considerably. Some are very simple, others less so. A sales contract can be as detailed as you need it; Here are, however, the basic components: As a general rule, 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. 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.