This is where you will find helpful materials and resources to assist in keeping the transaction on track. We want to make sure you're informed and understand the process you as our client in .
Congrats, you have a contract to purchase! In Tennessee, the document a REALTOR(R) will use to prepare your offer is called Purchase and Sale Agreement. There is a version for New Construction, Residential (existing), Land/Lots, and Commercial properties to cover specifics that most apply to these types. Each of these specifies price being paid, address and description of property, what will be included in the sale, which type of payment will be rendered (example cash or loan), contingencies such as home inspections, appraisals and timelines for each, when the sale will close/be completed, penalties for breach, and any other specifics that buyer or seller agree to - such as purchase being subject to sale of buyer's current home. Once buyer and seller reach an agreement this Purchase & Sale Agreement is bound, it is locked in and legal and is now what will be referred to the contract.
Once in contract, some standard steps in order would be:
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