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Tennessee Residential Purchase Agreement

A Tennessee residential purchase agreement is drafted by a prospective buyer when proposing to purchase a home. The buyer outlines the purchase price, earnest money (deposit amount), financial contingencies, offer expiration date, and more. Once signed by both the seller and buyer, the agreement becomes legally binding.
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Required Disclosures

Buyers 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.[1]

Required Disclosures (3)

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.

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Residential Property Condition Disclosure – 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).[2]

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Waiver of Property Condition Disclosure – 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.”[3]

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