This form is for an option to purchase a residential real estate lot or track of land. It provides for the payment of option money and the procedures for exercise of the option.
Tennessee Option For the Sale and Purchase of Real Estate - Residential Lot or Land
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How to fill out Option For The Sale And Purchase Of Real Estate - Residential Lot Or Land?
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FAQ
In Tennessee, a real estate contract is binding when it is signed by both parties involved in the transaction. This means that both the buyer and the seller must agree to the terms laid out in the contract to create a legal obligation. If an option agreement is part of the transaction, it binds the Optionor to honor the option and the Optionee to adhere to the terms laid out in the agreement.
What is Defaulting on a Real Estate Contract? Defaulting on a real estate contract occurs when either the seller or the buyer fails to meet the terms of the contract and agreement. Normally, default occurs after all the contingencies have been removed from the contract.
Three Day "Cooling Off" Periods On Consumer Transactions You, as a consumer, do have the specific right to cancel certain transactions under Tennessee Law. Two of those situations are (1) "home solicitation", and (2) "prepaid entertainment sales".
A purchase and sale agreement, also known as a purchase and sale contract, P&S agreement, or PSA, is a legally-binding document that establishes the terms and conditions related to a real estate transaction. It defines what requirements the buyer must meet as well as purchase price, limitations, and contingencies.
In Tennessee, a seller can get out of a real estate contract if the buyer's contingencies are not metthese include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.
SPECIAL STIPULATIONS means the special terms and conditions, if any, set forth in the Sales Agreements or any attachment thereto, that are identified as Special Stipulations.
It specifies what happens to the earnest money should you or the sellers default, as well as what legal recourse each party has in the event of a default.
The defaulting party is responsible for paying all damages and expenses that the non-defaulting party, the listing brokerage, and the selling brokerage incurred in connection with the transaction or the contract.
The Terms and Conditions of Offer paragraph states that the agreement is a purchase offer and that if the buyer defaults after acceptance, the buyer may be responsible for the broker's commission.