This is a generic form for the sale of residential real estate. Please check your state=s law regarding the sale of residential real estate to insure that no deletions or additions need to be made to the form. This form has a contingency that the Buyers= mortgage loan be approved. A possible cap is placed on the amount of closing costs that the Sellers will have to pay. Buyers represent that they have inspected and examined the property and all improvements and accept the property in its "as is" and present condition.
The Tennessee Agreement for the Sale and Purchase of Residential Real Estate is a legally binding contract used in the state of Tennessee to facilitate the sale and purchase of residential properties. This agreement outlines the terms and conditions under which the property will be transferred from the seller to the buyer. The agreement typically includes important details such as the names and contact information of the buyer and seller, a description of the property being sold, the purchase price, and the closing date. It also covers the method of payment, including the amount of the earnest money deposit and any financing contingencies. Additionally, the agreement may outline specific conditions or items that are included or excluded from the sale, such as appliances, fixtures, or furniture. It may also address any inspections that need to be conducted on the property and the right of the buyer to terminate the agreement based on the results of these inspections. There are different types or variations of the Tennessee Agreement for the Sale and Purchase of Residential Real Estate that may be used depending on specific circumstances. Some examples include the Tennessee Residential Real Estate Sale and Purchase Agreement with Financing Contingency, which includes provisions for securing a mortgage or loan, and the Tennessee Residential Real Estate Sale and Purchase Agreement with Seller Financing, which outlines the terms of a seller-financed arrangement. It is important for both the buyer and seller to carefully review and understand the terms of the agreement before signing, as it represents a legally binding commitment. Parties may also choose to seek legal advice or consult with a real estate professional to ensure all aspects of the transaction are properly addressed and documented in the agreement, protecting their interests throughout the process.
