Fillable Printable PURCHASE AND SALE AGREEMENT (SHORT FORM)

PURCHASE AND SALE AGREEMENT (SHORT FORM)

Page 1 of 3

PURCHASE AND SALE AGREEMENT

(a) BUYER NAME(s): __________________________________________________________________________________

(b) SELLER NAME(s): _________________________________________________________________________________

(c) PROPERTY ADDRESS and/or DESCRIPTION: Buyer agrees to purchase and Seller agrees to sell the real property identified as:

___________________________________________________________________________________________________

_____________________________________________________________, _____________________ County, Tennessee.

(d) PURCHASE PRICE: $__________________, _____________________________________________________ Dollars,

to be paid in cash or equivalent good funds at closing.

(e) EARNEST MONEY: $ _____________ valid check or money order payable to Escrow Agent: _______________________

___________________________, whose address is: ________________________________________________________,

will be promptly delivered to Escrow Agent no later than 5:00 PM, three (3) calendar days after the Acceptance Date.

(f) CLOSING, EXPIRATION, & POSSESSION DATE: ___________________________. This is the date that the sale will

be closed, or this Agreement will expire on this date at 11:59 PM. If this is not a business day, this date will be extended to the

next business day. Any other change in this date must be agreed to in writing by all parties. Possession of the entire property will

be given to the Buyer at the time of closing, unless a different time of possession is agreed to in a separate Occupancy Agreement.

(g) ITEMS INCLUDED OR EXCLUDED: Included, if present, as part of the property sale: all real estate, buildings,

improvements, appurtenances (rights and privileges), and fixtures. Fixtures include all things which are attached to the

structure(s) by nails, screws, or other permanent fasteners, including, but not limited to all of the following, if present:

attached light fixtures and bulbs, ceiling fans, attached mirrors; heating and cooling equipment and thermostats; plumbing

fixtures and equipment; all doors and storm doors; all windows, screens, and storm windows; all window treatments

(draperies, curtains, blinds, shades, etc.) and hardware; all wall-to-wall carpet; all built-in kitchen appliances and stove; all

bathroom fixtures; gas logs, fireplace doors and attached screens; all security system components and controls; garage door

openers and all remote controls; swimming pool and its equipment; awnings; permanently installed outdoor cooking grills;

all fencing, landscaping and outdoor lighting; and mail boxes.

Other items included in the sale: ________________________________________________________________________

______________________________________________________________________________________________________________

_____________________________________________________________________________________________________________.

Items that are not included in the sale: ___________________________________________________________________.

Leased items:_______________________________________________________________________________________.

(h) CLOSING COSTS: Unless otherwise stated in Special Stipulations or Addenda, closing costs are to be paid as follows:

Seller must pay all Seller’s existing loans, liens and related costs affecting the sale of the property, Seller's settlement fees,

real estate commissions, the balance on any leased items that remain with the property, and a title insurance policy with

Buyer to receive benefit of simultaneous issue. Any existing rental or lease deposits must be transferred to Buyer at closing.

Buyer must pay transfer taxes, deed and deed of trust recording fees, association transfer fees, hazard and any other

required insurance, Buyer's settlement fees, and all Buyer’s loan related or lender required expenses.

(i) PRORATIONS, TAXES & ASSESSMENTS: The current year’s property taxes, any existing tenant leases or rents,

association or maintenance fees, (and if applicable, any remaining fuel), will be prorated as of the date of closing. Taxes for

prior years and any special assessments approved before date of closing must be paid by Seller at or before closing. If

applicable, roll back taxes or any tax or assessment that cannot be determined by closing date should be addressed in

Special Stipulations or Addenda and will survive the closing.

(j) HOME PROTECTION PLANS: Home Protection plans available for purchase are waived, unless addressed in Special

Stipulations. Buyer and Seller understand that an administrative fee may be paid to the Real Estate Company if plan is purchased.

(k) SPECIAL STIPULATIONS: The following special stipulations, if in conflict with any language contained within the 3 pages of

this Purchase and Sale Agreement, will control: __________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________.

(l) TIME IS OF THE ESSENCE: The failure to meet specified time limits will be grounds for canceling this Agreement.

(m) FAIR HOUSING AND EQUAL OPPORTUNITY: This Property is being sold without regard to race, color, sex,

religion, disability, marital status, family status, sexual orientation, age, ancestry, or national origin.

Page 2 of 3

(n) LOAN AND APPRAISAL CONTINGENCIES: This Agreement is contingent on Buyer obtaining loan(s) of Buyer’s choice.

Buyer must deliver to Seller no later than 5:00 PM, ten (10) calendar days after the Acceptance Date a lender's

conditional commitment letter proving that: loan application has been made; appraisal has been ordered; loan is not

contingent on the sale of any other property (unless otherwise stated in Agreement); Buyer has necessary cash reserves; and

providing reasonable assurance of Buyer's ability to obtain loan with rates, terms, payments and conditions acceptable to

Buyer. Failure to timely provide commitment letter will be grounds for Seller to cancel this Agreement by delivering written

Notice to Buyer, and all Earnest Money must be refunded to Buyer. VA/FHA Loan Addendum must be attached if Buyer seeks

VA or FHA loan. If loan contingency is waived, Buyer must deliver proof of adequate funds within time period on Line 55.

Appraisal Contingency - this Agreement is also contingent on the appraisal value equaling or exceeding the purchase price.

If any repairs are required by the lender, Buyer must deliver to Seller a written list of lender required repairs. Seller must

deliver to Buyer, no later than 5:00 PM, three (3) calendar days after receiving the repair list, a written Notice stating whether or

not Seller will complete the repairs before closing at Seller’s expense. If Seller does not agree to perform such repairs, or does not

reply within the time limit, this Agreement will cancel and all Earnest Money must be refunded to Buyer [see exception in (p)] .

If, at anytime, the loan or appraisal contingency is not satisfied, Buyer may cancel this Agreement by delivering to

Seller a written Notice of Cancellation, along with supporting documentation, and all Earnest Money must be refunded to Buyer.

(o) INSPECTION CONTINGENCY AND DUE DILIGENCE PERIOD: This Agreement is contingent on Buyer's

satisfaction with all property inspections and investigations. Buyer may use any inspectors of Buyer's choice, at Buyer's

expense. Seller must permit Buyer, and Buyer’s representatives and inspectors, reasonable access for inspections, with all

utilities in service at Seller's expense. Buyer assumes all liability for any damage or loss caused by Buyer’s or Buyer

representatives’ inspections or investigations of the property.

Due Diligence Period: All inspections and investigations must be completed with response to Seller no later than

5:00 PM, ten (10) calendar days after the Acceptance Date. During this due diligence period Buyer is strongly advised to:

(A) have a professional home inspection conducted by a licensed home inspector (at Buyer’s expense), AND

(B) have a wood destroying insect inspection conducted by a licensed pest inspector (at Buyer’s expense), AND

(D) perform any additional inspections and investigations desired, and verify any other matters of concern to the Buyer, AND

(E) if applicable, obtain a septic system inspection letter (available for a fee at TN Dept of Environment and Conservation).

Inspection Contingency Resolution: If Buyer is satisfied with all inspections and investigations, Buyer may deliver to

Seller a Notice of Release of inspection contingency. If for any reason Buyer is not satisfied with the results of any

inspection or investigation, the Buyer must, within the Due Diligence Period (Lines 74-75), deliver to Seller either:

(1) a written Notice of Cancellation, canceling this Agreement, and all Earnest Money must be refunded to Buyer, OR

(2) a written Inspection Contingency Removal Proposal. If Seller rejects Buyer’s Proposal (or Counterproposal) by delivering

a Notice of Rejection to Buyer, or if any Counterproposal is rejected by either party, or if a time limit for a written response

to such is exceeded, this Agreement will cancel and all Earnest Money must be refunded to Buyer [see exception in (p)].

- Any Proposal, Counterproposal, Notice of Rejection, or Notice of Release of inspection contingency must be in writing.

- Any Proposal or Counterproposal must contain a time limit for responding (that is, an expiration date & time).

If it is discovered during the Due Diligence Period that any permanent structure on the property has an active wood destroying

insect infestation, the Seller, upon Buyer’s request, must professionally treat infestation before closing at Seller’s expense.

Repair of any damage from wood destroying insects must be negotiated in the Inspection Contingency Removal Proposal.

CAUTION TO BUYER: Failure to deliver to the Seller either a written Notice of Release or Notice of Cancellation, or a written

Inspection Contingency Removal Proposal within the Due Diligence Period described on Lines 74-75 will be considered to

be an acceptance of the property “as is,” and the Inspection Contingency will be satisfied and no longer a part of this Agreement.

(p) BUYER’S RIGHT TO REINSTATE: If Seller refuses to complete the lender required repairs (Lines 63-66), or cancels this

Agreement by rejecting an Inspection Contingency Removal Proposal (Lines 85-89), Buyer has the right to reinstate the

Agreement by delivering to Seller a Notice stating that the Buyer will accept the property in its present "as is" condition. Buyer’s

Notice must be delivered to Seller no later than 5:00 PM, three (3) calendar days after the delivery of Seller's Notice of

rejection, or if Seller has failed to respond, no later than 5:00 PM, three (3) calendar days after the Seller’s deadline to reply.

100

(q) FINAL INSPECTION & RISK OF LOSS: Buyer has the right and responsibility to perform a final inspection before

101

closing to determine that the property is in the same condition, other than ordinary wear, as when the Agreement was

102

accepted (with Seller having responsibility to correct), and to see that any repairs agreed to be performed by Seller have

103

been completed. Buyer may use inspectors. All utilities must be in service at Seller's expense. The closing of the sale

104

confirms Buyer’s acceptance of property condition. Seller is responsible for any loss or damage to the property before closing.

105

(r) DISBURSEMENT OF EARNEST MONEY, AND ADEQUATE CONSIDERATION: The Earnest Money will be

106

applied towards the purchase price at closing. If any contingencies or conditions of this Agreement are not met and the

107

Agreement is cancelled, all Earnest Money must be refunded to Buyer. If Seller fails to perform any obligation under this

108

Agreement, all Earnest Money must be refunded to Buyer. If required, the Escrow Agent may file an interpleader action in

109

a court of law, and recover expenses and reasonable attorney’s fees, and will have no further liability as Escrow Agent. All

110

parties acknowledge that the consideration given, including the promises exchanged, the time limitations imposed, and the

111

notifications required, is sufficient and adequate in exchange for the Buyer's right to legally, properly, and in good faith

112

cancel, reinstate or extend this Agreement in accordance with the other terms of this Agreement.

113

Page 3 of 3

(s) TITLE, DEED, & SELLER REPRESENTATIONS: Seller will convey to Buyer good and marketable title to the property

114

by a valid general warranty deed. Seller, at Seller’s expense, agrees to furnish Buyer at closing a title insurance policy. Title

115

policy will be issued by company acceptable to Buyer and Buyer’s lender. Buyer will receive benefit of simultaneous issue.

116

Seller represents to the best of Seller’s knowledge, unless otherwise disclosed, that: property is not in a Special Flood

117

Hazard Area or floodplain; there are no violations of building, zoning or fire codes; there are no encroachments or

118

violations of setback lines, easements or property boundary lines; and there are no boundary line disputes. If at anytime the

119

title examination, mortgage loan inspection, survey, or other information discloses any such defects, or if the Buyer

120

discovers that any representation in this Agreement is in fact untrue, Buyer may, by delivering written Notice to Seller,

121

either (1) accept the Property with the defects, OR (2) cancel this Agreement and all Earnest Money must be refunded to

122

Buyer, OR (3) Buyer may extend the closing date by up to 3 calendar days to perform additional due diligence, retaining

123

the right to exercise option (1) or (2) above.

124

(t) DEFAULT OR BREACH: If either party fails to perform any obligation under this Agreement, the other party may do

125

any or all of the following: (1) cancel the Agreement (2) sue for specific performance, (3) sue for actual and compensatory

126

damages. Legal counsel is strongly recommended in such circumstances.

127

(u) REAL ESTATE COMMISSIONS: Seller authorizes closing company to debit Seller and pay commissions as follows at closing:

128

Real Estate Firm Name: _____________________________________________will receive______% of the purchase price.

129

Licensee’s Name and Contact Information: ________________________________________________________________.

130

Other Real Estate Firm Name (if any): _________________________________will receive______% of the purchase price.

131

Other Licensee’s Name (if any) and Contact Information: ____________________________________________________.

132

(v) ADDENDA, ATTACHMENTS, EXHIBITS, DISCLAIMERS, AND DISCLOSURES (included if marked below):

133

Confirmation of Agency Status (required with all Purchase and Sale Agreements)

134

Advisory to Buyers and Sellers, or TAR Disclaimer Notice (required with all Purchase and Sale Agreements)

135

Lead-Based Paint Disclosure (required for housing constructed before 1978)

136

Personal Interest Disclosure & Consent (required if a Licensee has a personal interest, may be included in Confirmation of Agency)

137

Occupancy Agreement (required if possession is other than the time of closing)

138

VA/FHA Loan Addendum (required if sale involves VA or FHA loan)

139

Impact Fees or Adequate Facilities Taxes Disclosure (required if sale is residential new construction)

140

Subsurface Sewage Disposal System Permit Disclosure (required for newly constructed residential property with septic system)

141

Addendum (extra page for additional Special Stipulations, if needed)

142

Other: ___________________________________________________________________

143

And one of the following three is required with all residential Purchase and Sale Agreements:

144

Tennessee Residential Property Condition Disclosure, OR

145

Tennessee Residential Property Condition Exemption Notification, OR

146

Tennessee Residential Property Condition Disclaimer Statement

147

(w) METHOD OF EXECUTION AND DELIVERY: Signatures and initials transmitted by fax, photocopy, or digital signature

148

methods will be acceptable and treated as originals. This Agreement constitutes the sole and entire agreement between the

149

parties. No verbal agreements, representations, promises, or modifications of this Agreement will be binding unless agreed

150

to in writing by all parties. Delivery will be considered to have been completed as of the date and time a document is either

151

(1) delivered in person, OR (2) transmitted by fax, OR (3) transmitted by email. Delivery of documents to the real estate Licensee

152

assisting a party as that party's agent or facilitator (or to that Licensee’s Broker) will be considered to be Delivery to that party.

153

(x) ACCEPTANCE DATE AND BINDING CONTRACT: The Acceptance Date will be the date of full execution (signing) of this

154

Agreement by all parties, that is, the date one party accepts all the terms of the other party’s written and signed Offer or Counteroffer,

155

evidenced by the accepting party’s signature and date on the Offer or Counteroffer. The Acceptance must be promptly

156

communicated (by any reasonable and usual mode) to the other party, thereby making this Agreement a legally Binding Contract.

157

Communications to the real estate Licensee assisting a party as that party's agent or facilitator (or to that Licensee’s Broker) will

158

be considered to be communication to that party. True executed copies of the Contract must be promptly delivered to all parties.

159

(y) OFFER EXPIRATION DATE & TIME: _______________________________________________. If not Accepted by

160

this date & time (or if blank, by the date and time on Lines 11-13), this Offer will expire. However, at any time before the

161

other party’s communication of Acceptance, the party making the Offer may withdraw the Offer by communicating the

162

withdrawal to the other party, and confirm the withdrawal by the prompt delivery of a written Notice of Withdrawal.

163

Buyer makes this Offer.

164

X_________________________________________________ X__________________________________________________

165

Buyer Signature Date & Time Buyer Signature Date & Time

This Offer is: Accepted Rejected Countered on this form Countered on a separate Counteroffer form

166

X_________________________________________________ X__________________________________________________

167

Seller Signature Date & Time Seller Signature Date & Time