Tennessee Real Estate for Sale by Owner Contract Template

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Are you considering selling your Tennessee property without the help of a real estate agent? If so, it`s important to have a solid contract in place to protect yourself and your interests. A “for sale by owner” (FSBO) contract template can provide the framework you need to create a legally binding agreement with your buyer.

The following are some key elements that should be included in a Tennessee real estate FSBO contract:

1. Identification of the parties: The contract should clearly identify the parties involved in the transaction, including the seller and buyer.

2. Purchase price and payment terms: The contract should specify the purchase price and the agreed-upon terms of payment, including any down payment and installment payments.

3. Property description: The contract should provide a detailed description of the property being sold, including any buildings, fixtures, or other improvements.

4. Contingencies: The contract should address any contingencies, such as the buyer`s ability to obtain financing or the seller`s ability to clear title to the property.

5. Closing date: The contract should specify the date and time of the closing, as well as any contingencies that must be met before the closing can take place.

6. Warranty of title: The seller should provide a warranty of title, stating that they have the legal right to sell the property and that there are no outstanding liens or encumbrances on the property.

7. Disclosure requirements: Tennessee law requires sellers to disclose certain information about the property, such as any known defects or environmental hazards. The contract should address these disclosure requirements.

8. Dispute resolution: The contract should specify how any disputes between the parties will be resolved, such as through mediation or arbitration.

9. Signatures: The contract should be signed by both the seller and the buyer, as well as any other necessary parties, such as a mortgage lender or title company representative.

10. Governing law: The contract should specify which state`s laws will govern the transaction, typically the laws of Tennessee.

By using a Tennessee real estate FSBO contract template, you can ensure that you have a legally binding agreement that protects your interests and sets clear expectations for both parties. Before finalizing any contract, it`s important to consult with a real estate attorney or other legal professional to ensure that it complies with Tennessee law and meets your specific needs as a seller.