General information about Real Estate Sales Package
This package includes essential legal documents required for selling residential real estate in Tennessee. It addresses the legal aspects of home sales, providing templates for an offer to purchase, a contract of sale, and various disclosure statements. These forms are designed to ensure that both buyers and sellers understand their rights and obligations during the real estate transaction process.
When this document becomes relevant
This package is typically used in the following scenarios:
- When a homeowner is ready to sell their residential property without a real estate broker.
- When a buyer wishes to make an official offer on a home.
- When both parties need to disclose any known issues with the property.
- When formalizing the terms of sale to avoid disputes.
Who benefits from using Real Estate Sales Package
This form is intended for:
- Home sellers looking to sell their residential property without a real estate broker.
- Potential buyers interested in purchasing a home.
- Attorneys advising clients on real estate transactions.
Document breakdown
The package includes several important documents:
- Offer to Purchase: A preliminary document indicating the buyer's interest in the property.
- Contract of Sale: The main legal agreement outlining the terms of the sale, including price and conditions.
- Seller's Disclosure: A statement from the seller detailing any known issues with the property.
- Lead-Based Paint Disclosure: Required for homes built before 1978, informing buyers of potential lead hazards.
Completing the Real Estate Sales Package
Follow these steps to complete the package:
- Identify the parties: Clearly state the names and contact information of the buyer and seller.
- Describe the property: Provide a detailed description of the property being sold, including the address and any relevant details.
- Specify the offer: In the Offer to Purchase, outline the proposed purchase price and any conditions that must be met.
- Complete the Contract of Sale: Fill in all necessary sections, including payment terms, closing date, and any contingencies.
- Fill out disclosure forms: Ensure the Seller's Disclosure and Lead-Based Paint Disclosure are accurately completed and signed.
What to know about state compliance
This package is tailored to comply with Tennessee state laws regarding real estate transactions. It includes specific forms and disclosures mandated by state regulations, ensuring that all legal requirements are met during the sale of residential property in Tennessee.
Why digital forms are a smart choice
Accessing this form online offers several advantages:
- Convenience: Download and complete the forms at your own pace, from anywhere.
- Editability: Easily modify the forms as needed to fit your specific situation.
- Legal reliability: Use up-to-date forms prepared by licensed attorneys, ensuring compliance with current laws.
