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Updated April 18, 2024

A Tennessee land contract is an agreement in with which two parties transfer ownership of vacant land. The contract contains all terms and conditions regarding the sale, including the agreed-upon purchase price as well as the legal descriptors of the land/lot as evident on the deed. Both parties can negotiate until reaching a finalized accord, at which point they shall execute the contract and schedule a closing. The seller must sign over the property deed to the new owner at closing, and the parties can exchange any funds due at signing or broker a payment plan with installations.

Supplemental Information

Lot/Land Seller’s Property Disclosure Statement – Sellers of residential, improved land are legally obligated to provide this disclosure to potential buyers. The statement arranges the land/lot to be sold under its current condition, referred to as “AS-IS.”^[1]
Where to Record? – All deeds are filed with the County Registers Office in the jurisdiction where the property is located.^[2]