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Are you thinking of buying or selling a home in Tennessee? Take a few moments to familiarize yourself with the forms and contracts most commonly used by Tennessee Real Estate Agents. Below you will find examples of legal documents you will likely be presented with during the process of buying or selling a home. This is not a complete list of all the forms and contracts available to real estate agents in Tennessee, but these are the most common documents in a typical transaction.
While Tennessee Law does not require a Realtor® to use these particular forms, the law does provide what information must be disclosed to Clients and Customers during the process of buying or selling property. Most agencies prefer to use the forms provided by the Tennessee Association of Realtors® (TAR) to ensure that they are in compliance with the law. TAR Forms are easily identifiable by the TAR Logo located on the bottom left of each form. If you are presented with forms other than the Official TAR Forms during the buying or selling process, you should ask the real estate agent why they have chosen to deviate from the standard forms provided by TAR.
These forms and contracts are provided to you as a consumer for educational purposes only and should not be used without the assistance of a Realtor® or an attorney.
Note: The Tennessee Association of Realtors has updated many of these forms and contracts for 2007. The new versions will be uploaded soon.
Confirmation of Agency Status - As a consumer you have the right to know in what capacity an agent is acting during a real estate transaction. Do they represent the Buyer, the Seller, or no one. This form advises the consumer of their rights under Tennessee Law when working with a real estate agent, provides definitions of terms, and confirms the status of the agent in a transaction.
Buyer Representation Agreement - You've been working with an agent who has shown you several homes. Are they your agent? Are they bound by law to look after your best interest? Not unless you have both entered into a Buyer Representation Agreement. This legally binding contract details the rights, responsibilities and obligations of both the Agent and the Client during the home buying process.
Purchase and Sale Agreement - You've looked and looked and finally found the right home. What to do now? This seven page contract covers the most common aspects and contingencies involved in buying and selling a home. The contract is designed to favor neither the Buyer or Seller, but to express in a clear and comprehensive manner the terms and conditions of the offer to purchase.
New Construction Purchase and Sale Agreement - This form is very similar to the Purchase and Sale Agreement but has some important distinctions in that it addresses issues common to new construction. This agreement is particularly helpful when a new home is far from completion.
Tennessee Residential Property Condition Disclosure - In most instances a Buyer has a right to review this document which should be completed by the Seller of residential property. This information should be delivered to the Buyer prior to any offer to purchase. The form provides information about the condition and known defects of the property. Foreclosures, rental homes, and certain other types of properties may be exempt from this disclosure.
Tennessee Residential Property Condition Exemption Notification - This form is used when a property is exempt from the normal condition disclosure.
Tennessee Residential Property Condition Disclaimer Statement - This form is used when a property is sold "as is", with the Seller making no warranties or representations about the property condition other than those stated in the Purchase and Sale Contract.
Lead Based Paint Disclosure - Sellers of homes built prior to 1978 must provide Buyers with this disclosure concerning the possible presence of Lead Based Paint in the home. Are you considering purchasing a home built prior to 1978? You should review the Pamphlet, Protect Your Family From Lead In Your Home, provided by the United States Environmental Protection Agency.
Impact Fees or Adequate Facilities Taxes Disclosure - This is one of the newest disclosures mandated by State Law. It primarily affects new homes and builders and is required on any dwelling that is being sold for the first time.
Personal Interest Disclosure & Consent - Tennessee State Law requires that an agent involved in the sale of a property must disclose to all parties to the transaction any personal interest, direct or indirect, that the agent has in the transaction.
Buyer's Final Inspection - Buyers generally have the right to inspect a property prior to close. The details of this right of final inspection should be declared in the Purchase and Sale Agreement.
Agreement to Market Property - Thinking about selling your home? This contract may be used in conjuction with a listing agreement from a local Multiple Listing Service. It clearly defines the property being sold, the terms of sale acceptable to the Seller, the length of the agreement, the amount of compensation to be paid to the Broker, and many other important details concerning the sale of the property.
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