What is a Tennessee Real Estate Contract?
A Tennessee real estate contract, also called a residential purchase and sale agreement, is a legally binding contract executed between a buyer and a seller for the purchase of real estate.
A real estate contract is created when a potential buyer makes an offer on a seller’s listing. If the seller accepts the buyer’s offer, the parties will negotiate the terms of the contract to move forward with the sale. Once satisfied with all terms and conditions, the parties will sign the contract making it legally binding and enforceable.
Common Tennessee Real Estate Contracts
The most common Tennessee real estate contract is a residential purchase and sale agreement. This agreement is used for buying and selling residential property like homes or property on which a home can be built.
Real estate agents use contract templates to facilitate the sale because unlike lawyers, real estate agents cannot draft their own contracts.
There are two regularly used contract templates in Tennessee:
- Memphis Area Association of Realtors contract. A contract template form created and approved by the Memphis Area Association of Realtors. This contract can only be used with conventional financing.
- Tennessee Association of Realtors contract. A contract template form for use by a realtor who belongs to the Tennessee Association of Realtors.
4 Essential Elements of a Tennessee Real Estate Contract
For a real estate contract to be valid in Tennessee, it needs to include 4 essential elements. These elements are:
- Mutual assent
- Offer and acceptance
- Adequate consideration
- Legality
What Must Be Included in a Tennessee Real Estate Contract?
A Tennessee real estate contract can be a lengthy document because it needs to include specific information to complete the sale. A real estate contract should include the following essential information:
- Purchase price. The agreed upon amount the buyer has promised to pay the seller in exchange for the property title.
- Closing date. The date that the sale is finalized and payment must be made for the property.
- Earnest money deposit. The deposit made by the buyer to show the seller they are committed to purchasing the property.
- Contingencies. Conditions that must be met by either the buyer or the seller to complete the deal. Common contingencies include the buyer selling their previous home, the buyer obtaining financing and insurance, or the home passing a home inspection.
- Disclosure requirements. Disclosures are any negative conditions or property defects that the seller must reveal to the buyer before closing the sale.
Under Tennessee law, buyers are entitled to a Residential Property Condition Disclosure before finalizing the sale of the property. Buyers can also choose to waive this right and purchase the property “as is” by filling out a Waiver of Property Condition Disclosure. If a buyer purchases a home “as is”, they are accepting responsibility for any defects or repairs that may need to be made.
Who Binds a Real Estate Contract in Tennessee?
In Tennessee, the listing agent will bind the offer. The contract becomes binding once the broker receives the receipt of acceptance of the buyer’s offer and signs off on the binding agreement information. This is typically done on the original real estate contract but can also be completed on the final counter offer form.
The following is an example timeline of the binding process:
- The buyer makes and offer that is submitted to the listing agent.
- The seller either counters the offer or accepts the offer.
- Once the offer is accepted, the selling agent submits the accepted offer to the listing agent.
- The listing agent binds the offer as the last party to receive the acceptance of the offer.
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Meet some of our Tennessee Real Estate Contract Lawyers
Forest H.
Forest is a general practice lawyer. He provides legal advice regarding small business law, contracts, estates and trusts, administrative law, corporate governance and compliance. Forest practiced complex commercial litigation in Florida for eight years, representing clients such as Host Marriott, Kellogg School of Business, and Toyota. Since moving to Nashville in 2005, he has provided legal advice to clients forming new businesses, planning for the future, and seeking funding through the use of equity and/or debt in their businesses. This advice has included the selection of business type, assistance in drafting and editing their business plans and offering material, reviewing proposed term sheets, and conducting due diligence. Forest is a member of the Florida, Tennessee, and Texas Bars; in addition. Forest has held a Series 7, General Securities Representative Exam, Series 24, General Securities Principal, and Series 63, Uniform Securities Agent State Law.
Rebecca R.
An experienced commercial contracts attorney with sales, leasing, NDA, SEC compliance, corporate governance, commercial real estate, and employment experience. Also well versed in internal and external policy document and manual creation.
Christina S.
I am an attorney who has been practicing for over a decade, experienced in multiple areas of law, both from a litigation and more procedural side. The great thing about my practice is that it has trained me to deal with so many different types of problems and to find solutions in a variety of legal scenarios that are almost never similar.
November 18, 2021
Abraham W.
Abraham's practice focuses on counseling emerging group companies in the technology and other commercial agreements, and assisting equity financings (specifically venture capital).
January 14, 2022
Amos M.
Since 2008, I have worked to assist clients in solving problems and addressing challenges that inevitably arise as a business grows - both anticipated and unexpected. My experience in Georgia and Tennessee in both drafting contracts and enforcing them via litigation and/or arbitration has provided clients with unique insights that help them anticipate problems and inform their decisions from start to finish.
March 14, 2022
Jessee B.
Whether you're thinking of starting your own business and not sure how to bring your vision to life, or you're a business owner, creative professional, creator, influencer, artist, musician, startup, nonprofit, or entrepreneur who wants to grow your business and protect your content and brand—I can help. Get experienced legal counsel, quality representation, and creative solutions customized to fit your unique needs. Services include: entity formation, business issues, planning, financing, and strategy; contract drafting, review, and negotiation; intellectual property protection; copyright and trademark filing; startup and nonprofit setup and guidance; real estate matters; property purchase, sale, and leasing; assistance with legal issues related to content creation, branding, design, writing, film, music, art, entertainment, social media, e-commerce, marketing, advertising, data and privacy compliance, and more. Questions? Let's work together. Reach out and say hello.
May 17, 2022
Jerry L.
Jerry provides legal advice to business owners regarding contracts, business law, labor & employment, wills and estates, and real estate.
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Browse Lawyers NowReal Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
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