The Tennessee purchase agreement documents the details of the arrangement to transfer ownership of real property for an agreed-upon sum of money. The form defines the parameters of the sale and designates language to express the finer points of the terms and conditions. The contract specifies the buyer, seller, property address, purchase price, financing information as well as other fundamental components.
Buyer Beware (§ 66-5-202) – The seller of the home must disclose any known issues presented by the residence prior to closing. The burden of further investigating the physical status of the sale property falls upon the buyer.
Lead-Based Paint (42 U.S. Code § 4852d) – The US Environmental Protection Agency obligates the owners of dwellings built before 1979 to furnish information on possible exposure to lead-based paint. The notification is mandatory and must be included with the purchase agreement form by law.
Tennessee Residential Property Condition Disclosure Form (§ 66-5.201-210) – The state of Tennessee instructs sellers to complete a disclosure form to notify the buyer of any defects presented in the property involved in the sale. Any issue that the seller is aware of at the time of negotiation or signing must be released to the buyer. The contracting of a professional inspection remains the buyer’s responsibility for any undiscovered structural, title, or environmental issues associated with the property.
Tennessee Realtors Purchase and Sale Agreement – Adobe PDF