Updated September 20, 2023
A Tennessee residential purchase and sale agreement is a form drafted by prospective buyers 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.
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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)
Other Versions (2)
Memphis Area Assoc. of Realtors
Download: PDF
Download: PDF
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 (§ 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).
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Waiver of Property Condition Disclosure (§ 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.”
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Commercial Property
Commercial Purchase Agreement – This document can be used as a formal agreement between a buyer and a seller for commercial property transactions.
Download: PDF, MS Word, OpenDocument