Tn Purchase Agreement

 
 

The contract for the purchase and sale of residential properties in Tennessee is a form that potential buyers design when they propose to buy a home. In the document, the buyer can describe the details of his offer, which include 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 period set in the document. If the seller does not take steps to accept the conditions or make a counter-offer before the expiry of the period, the offer is not valid and the buyer must resume the negotiation process. The agreement is legally binding as soon as the seller accepts the conditions and both parties sign the contract. For many home buyers, it`s tempting to take a “do-it-yourself” approach to buying real estate in Tennessee. Here at Rochford Law & Real Estate Title, we have had the pleasure of working with many people who have chosen to buy or sell a home without hiring a real estate agent. As a general rule, it is understandable that these people try to keep the purchase price low by avoiding expensive real estate commissions. Buying or selling real estate is a major transaction and it is worth doing it properly. The contract of sale should clearly state who pays for the title insurance loan policy, the owner`s property insurance policy, transfer tax, mortgage tax, registration and attorney fees, as well as the closing costs related to the preparation of the closing declaration and the preparation of the deed.

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