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) 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. 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.
On the underside of each TN Realtor form you will see the logo and the fine print of the association regarding the use of the form. Brokers® members who have questions about the forms are encouraged to mention them: It is interesting to note that there are no state-mandated forms required by the Tennessee Real Estate Commission. However, the actual industry in Tennessee has standard forms that are used by the majority of real estate practitioners. Tennessee REALTORS® association has provided standard forms for its membership since the late 1990s.