Tennessee Residential Purchase and Sale Agreement

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A Tennessee residential purchase and sale agreement is a form that prospective buyers will draft when proposing to purchase a home. In the document, the buyer is able to outline the details of their offer which will include the purchase price, earnest money (deposit amount), financial contingencies, and closing procedures. The property seller can negotiate these terms by responding with a counter-offer within a period specified in the document. If the seller takes no action to either agree to the terms or submit a counter-offer before the period expires, the offer will be void, and the buyer must restart the negotiation process. The agreement will be legally binding once the seller agrees to the terms and both parties sign the contract.

Table of Contents

Buyer Beware

In Tennessee, prospective buyers are entitled to receive a condition report outlining any defects to the property. Should the buyer so desire, they may waive their right to the report and instead purchase the property “as is.” In these cases, the buyer willingly accepts the property with all defects (if any) which are not mentioned in the purchase agreement. (§ 66-5-202)

Realtor Version

Memphis Area Association of Realtors – Adobe PDF

Required Disclosures

Lead-Based Paint Disclosure – Provides buyers with information on whether or not a home contains lead-based paint. Use of the form is only necessary for the sale of properties erected before 1978.

Residential Property Condition Disclosure (§ 66-5-202(1)) – Informs buyers of the material condition of a property. The seller is legally obligated to provide this disclosure to the buyer unless the buyer waives their right by signing a Waiver (see below).

  • Waiver (§ 66-5-202(2)) – Creates an arrangement where the buyer willingly waives their right to receive a property condition report. If signed by both parties, the buyer agrees to purchase the property “as is.”

Commercial Property

Commercial Purchase AgreementThis document can be used as a formal agreement between a buyer and a seller for commercial property transactions.

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