Fillable Printable PURCHASE AND SALE AGREEMENT (SHORT FORM)
Fillable Printable PURCHASE AND SALE AGREEMENT (SHORT FORM)
PURCHASE AND SALE AGREEMENT (SHORT FORM)
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PURCHASE AND SALE AGREEMENT
(a)BUYER NAME(s):__________________________________________________________________________________
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(b)SELLER NAME(s):_________________________________________________________________________________
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(c)PROPERTYADDRESSand/or DESCRIPTION:BuyeragreestopurchaseandSelleragreestoselltherealpropertyidentifiedas:
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___________________________________________________________________________________________________
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_____________________________________________________________, _____________________ County, Tennessee.
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(d)PURCHASE PRICE:$__________________, _____________________________________________________ Dollars,
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to be paid in cash or equivalent good funds at closing.
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(e)EARNEST MONEY: $ _____________validcheckormoney orderpayable to EscrowAgent: _______________________
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___________________________, whoseaddress is: ________________________________________________________,
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will be promptly delivered to Escrow Agent no later than 5:00 PM, three (3) calendar days after the Acceptance Date.
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(f)CLOSING,EXPIRATION,& POSSESSION DATE:___________________________. This is the date that the sale will
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beclosed, or this Agreementwill expireon this dateat 11:59PM. Ifthisisnot a business day, this date willbe extended to the
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next businessday. Any other change in this date must be agreed to in writing by all parties. Possession of the entire property will
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begiven to theBuyer atthe timeof closing, unlessadifferent time ofpossession is agreed toina separateOccupancy Agreement.
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(g)ITEMS INCLUDED OR EXCLUDED:Included, if present, as part of the propertysale: all real estate, buildings,
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improvements, appurtenances(rights and privileges), and fixtures.Fixturesincludeall things which are attached to the
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structure(s) bynails, screws, or other permanent fasteners,including, but not limited to all of the following, if present:
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attached light fixtures and bulbs, ceiling fans, attached mirrors; heating and cooling equipment and thermostats; plumbing
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fixtures and equipment; all doors and storm doors; all windows,screens, and stormwindows; all window treatments
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(draperies, curtains, blinds, shades, etc.) and hardware; all wall-to-wall carpet; all built-in kitchen appliances and stove; all
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bathroom fixtures; gas logs, fireplace doors and attached screens; all security system components and controls; garage door
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openers and all remote controls; swimming pool and its equipment; awnings; permanently installed outdoorcooking grills;
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all fencing, landscaping and outdoor lighting; and mail boxes.
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Other items included in the sale: ________________________________________________________________________
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______________________________________________________________________________________________________________
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_____________________________________________________________________________________________________________.
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Items that are not included in the sale: ___________________________________________________________________.
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Leased items:_______________________________________________________________________________________.
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(h)CLOSING COSTS:Unless otherwise stated inSpecialStipulations orAddenda, closingcosts are tobepaid asfollows:
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Seller must payall Seller’s existing loans, liens and related costs affecting the sale of the property,Seller's settlement fees,
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real estate commissions, the balance on any leased items that remain with the property,and a title insurance policywith
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Buyer to receive benefit of simultaneous issue. Any existing rental or lease deposits must be transferred to Buyer at closing.
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Buyermust paytransfer taxes, deed and deed of trust recording fees,association transfer fees, hazard and anyother
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required insurance, Buyer's settlement fees, and all Buyer’s loan related or lender required expenses.
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(i)PRORATIONS, TAXES & ASSESSMENTS: The current year’s property taxes, anyexisting tenant leasesor rents,
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associationormaintenance fees, (and if applicable, any remaining fuel), will be prorated as of the date of closing. Taxes for
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prioryearsand any special assessments approvedbefore date of closing must be paidby Sellerat or before closing.If
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applicable, roll back taxes or anytax orassessment that cannot be determined byclosing dateshould be addressed in
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Special Stipulations or Addenda and will survive the closing.
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(j)HOMEPROTECTIONPLANS: HomeProtectionplansavailableforpurchasearewaived, unlessaddressedinSpecial
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Stipulations.Buyer and Seller understand that an administrative fee maybepaid tothe RealEstate Companyifplanispurchased.
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(k)SPECIALSTIPULATIONS: The following special stipulations, if in conflictwith anylanguage contained within the 3 pages of
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thisPurchase and SaleAgreement, willcontrol: __________________________________________________________________
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______________________________________________________________________________________________________________
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______________________________________________________________________________________________________________
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______________________________________________________________________________________________________________
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______________________________________________________________________________________________________________
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______________________________________________________________________________________________________________
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______________________________________________________________________________________________________________
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______________________________________________________________________________________________________________.
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(l)TIME IS OF THE ESSENCE: The failure to meet specified time limits will be grounds for canceling this Agreement.
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(m)FAIR HOUSINGAND EQUAL OPPORTUNITY:This Propertyis being sold without regard to race, color, sex,
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religion, disability, marital status, familystatus, sexual orientation, age, ancestry, or national origin.
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(n)LOAN AND APPRAISAL CONTINGENCIES: ThisAgreementis contingent onBuyer obtaining loan(s) of Buyer’s choice.
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Buyer must deliverto Seller no later than 5:00PM, ten (10) calendar days afterthe Acceptance Datea lender's
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conditional commitment letterproving that: loan application has been made; appraisal has been ordered; loan is not
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contingent on the sale of any other property(unless otherwise stated in Agreement); Buyerhas necessary cash reserves; and
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providingreasonable assurance of Buyer'sability to obtain loan with rates, terms, payments and conditions acceptableto
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Buyer.Failure to timelyprovide commitment letter will be groundsfor Seller to cancelthisAgreementbydelivering written
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Notice to Buyer, and allEarnest Moneymust be refunded to Buyer. VA/FHA Loan Addendum must be attached if Buyer seeks
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VA or FHA loan. If loan contingency is waived, Buyer must deliver proof of adequate funds within time period on Line 55.
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Appraisal Contingency- this Agreementis also contingent on the appraisal value equaling or exceeding the purchase price.
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If any repairsare requiredby thelender,Buyermustdeliverto Seller awrittenlistoflender required repairs.Sellermust
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delivertoBuyer,nolaterthan5:00 PM, three(3)calendardays afterreceivingtherepairlist, awrittenNoticestatingwhetheror
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notSeller will complete therepairs beforeclosingat Seller’s expense. If Sellerdoes notagree to perform such repairs, or does not
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replywithinthe time limit, this Agreement will cancel and all Earnest Moneymust be refunded to Buyer [see exception in (p)] .
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If,at anytime,the loan or appraisal contingency is not satisfied, Buyer may cancel this Agreementbydelivering to
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Sellera writtenNotice of Cancellation,along with supporting documentation,and allEarnest Money must berefunded toBuyer.
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(o)INSPECTION CONTINGENCY AND DUE DILIGENCE PERIOD: This Agreementis contingent on Buyer's
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satisfaction withall propertyinspections and investigations. Buyermayuse any inspectors of Buyer's choice, at Buyer's
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expense. Seller must permit Buyer, and Buyer’s representatives and inspectors, reasonable access for inspections, with all
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utilities in service atSeller's expense.Buyer assumes all liabilityfor any damage orloss caused byBuyer’s or Buyer
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representatives’ inspections or investigations of the property.
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DueDiligencePeriod:AllinspectionsandinvestigationsmustbecompletedwithresponsetoSellernolaterthan
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5:00 PM, ten (10) calendar days after the Acceptance Date.During this due diligence period Buyer is stronglyadvised to:
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(A)have a professional home inspection conducted by a licensed home inspector (at Buyer’sexpense), AND
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(B) have a wood destroying insect inspection conducted by a licensed pest inspector (at Buyer’s expense), AND
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(C) investigate all matters itemized in theAdvisoryto Buyers andSellers(which is an Addendum to thisAgreement), AND
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(D) perform any additional inspections and investigations desired, and verify any other matters of concern to the Buyer, AND
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(E) if applicable, obtain a septic system inspection letter (available for a fee at TN Dept of Environment and Conservation).
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Inspection Contingency Resolution: If Buyer is satisfied with all inspections and investigations, Buyer maydeliver to
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Seller a Notice of Releaseof inspectioncontingency.If foranyreason Buyer is notsatisfiedwith the results of any
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inspection or investigation, the Buyer must, within the Due Diligence Period(Lines 74-75), deliver to Seller either:
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(1) a written Notice of Cancellation, canceling this Agreement, and all Earnest Moneymust be refunded to Buyer, OR
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(2) a writtenInspection Contingency Removal Proposal.If Seller rejects Buyer’sProposal (or Counterproposal) by delivering
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a Notice of Rejectionto Buyer, or if anyCounterproposal is rejected by either party, or if a time limit for a written response
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to such is exceeded, this Agreement will cancel and all Earnest Money must be refunded to Buyer [see exception in (p)].
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- AnyProposal,Counterproposal,Notice of Rejection,or Notice of Release of inspection contingencymust be in writing.
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- AnyProposal or Counterproposalmust contain a time limit for responding (that is, an expiration date & time).
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Ifit is discovered duringthe Due Diligence Period that any permanentstructure on the propertyhas anactivewood destroying
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insect infestation, the Seller, upon Buyer’s request, mustprofessionally treatinfestationbeforeclosingat Seller’sexpense.
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Repair of any damage fromwood destroying insects must be negotiated in the Inspection Contingency Removal Proposal.
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CAUTIONTOBUYER:Failuretodeliverto theSeller either a writtenNoticeofReleaseorNoticeofCancellation, ora written
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InspectionContingencyRemovalProposalwithintheDueDiligencePerioddescribedonLines74-75 willbeconsideredto
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beanacceptanceoftheproperty“asis,”andtheInspectionContingencywillbesatisfiedandnolongerapartofthisAgreement.
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(p)BUYER’SRIGHT TO REINSTATE: If Seller refusestocomplete the lender required repairs(Lines 63-66), or cancelsthis
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Agreementby rejecting an InspectionContingency Removal Proposal(Lines 85-89), Buyer has the right to reinstate the
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Agreementby delivering to Seller a Noticestating that the Buyer will accept the property in its present "asis" condition. Buyer’s
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Noticemust be delivered to Seller no later than5:00 PM, three (3) calendar days after the delivery ofSeller'sNotice of
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rejection,or if Seller has failedto respond, no later than 5:00 PM, three(3) calendar days afterthe Seller’s deadline to reply.
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(q)FINAL INSPECTION&RISK OF LOSS:Buyer has the right and responsibilitytoperform a finalinspectionbefore
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closing todetermine that the propertyis inthe same condition, otherthan ordinary wear,as when the Agreementwas
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accepted(with Seller having responsibility to correct), andto see that any repairs agreed to be performed by Seller have
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been completed. Buyer may use inspectors. All utilitiesmust be in service at Seller's expense. The closing of thesale
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confirms Buyer’s acceptance of property condition. Seller is responsible for any loss or damage to the property before closing.
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(r)DISBURSEMENT OFEARNEST MONEY, AND ADEQUATE CONSIDERATION:The Earnest Money will be
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appliedtowards the purchase price at closing. If anycontingencies or conditions of this Agreementare not met and the
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Agreementis cancelled, all Earnest Money must be refundedto Buyer.If Seller fails to performany obligation underthis
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Agreement, all Earnest Money must be refundedtoBuyer. If required, the EscrowAgent mayfile an interpleaderaction in
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a court of law, and recover expenses and reasonable attorney’s fees, and will have no further liabilityas Escrow Agent. All
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parties acknowledge thatthe consideration given, including the promises exchanged,the time limitations imposed, and the
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notifications required, is sufficient and adequate in exchange for the Buyer's right to legally,properly, and in goodfaith
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cancel, reinstate or extend this Agreement in accordance with the other terms of this Agreement.
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(s)TITLE, DEED,& SELLERREPRESENTATIONS:Seller willconveyto Buyergood and marketabletitleto the property
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bya valid general warranty deed. Seller, at Seller’s expense, agrees to furnish Buyer at closing a title insurance policy. Title
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policy will be issued by company acceptable to Buyer and Buyer’s lender. Buyerwill receive benefit of simultaneous issue.
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Seller representsto thebest of Seller’s knowledge, unless otherwise disclosed, that: property is not in aSpecial Flood
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Hazard Area or floodplain;there are no violations of building, zoning orfire codes; there are no encroachments or
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violations of setback lines, easements orproperty boundary lines; and there are no boundary line disputes. If at anytime the
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title examination, mortgage loan inspection, survey, or other information discloses any such defects, or if the Buyer
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discovers that any representation in this Agreementisin fact untrue, Buyermay, by delivering writtenNoticeto Seller,
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either (1) accept the Property with the defects, OR (2) cancel this Agreementand all Earnest Money must be refundedto
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Buyer, OR (3) Buyer may extend the closing date by up to 3 calendar days toperformadditional due diligence, retaining
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the right to exercise option (1) or (2) above.
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(t)DEFAULT OR BREACH: If either party fails to perform any obligation under this Agreement, the other party may do
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any or all of the following: (1) cancel the Agreement(2) sue for specific performance,(3) sue for actual and compensatory
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damages. Legal counsel is strongly recommended in such circumstances.
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(u)REAL ESTATE COMMISSIONS:Seller authorizesclosing companyto debitSeller andpaycommissions as followsatclosing:
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Real Estate Firm Name: _____________________________________________will receive______% of the purchase price.
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Licensee’s Name and Contact Information: ________________________________________________________________.
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Other Real Estate Firm Name (if any): _________________________________willreceive______% ofthe purchase price.
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Other Licensee’s Name (if any) and Contact Information: ____________________________________________________.
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(v)ADDENDA, ATTACHMENTS, EXHIBITS, DISCLAIMERS, AND DISCLOSURES (included if marked below):
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Confirmation of Agency Status (required with all Purchase and Sale Agreements)
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Advisory to Buyers and Sellers, or TAR Disclaimer Notice (required with all Purchase and Sale Agreements)
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Lead-Based Paint Disclosure (required for housing constructed before 1978)
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Personal Interest Disclosure & Consent (required if aLicensee has a personal interest, may be included in Confirmation of Agency)
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OccupancyAgreement (required ifpossession is other than the time of closing)
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VA/FHA Loan Addendum (required if sale involvesVA or FHA loan)
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Impact Fees or Adequate Facilities Taxes Disclosure (required if sale is residential new construction)
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Subsurface Sewage Disposal System Permit Disclosure (required for newly constructed residential property with septic system)
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Addendum (extra page for additional Special Stipulations, if needed)
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Other: ___________________________________________________________________
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And oneof the following three is required with all residential Purchase and Sale Agreements:
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TennesseeResidential Property Condition Disclosure, OR
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TennesseeResidential Property Condition Exemption Notification, OR
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TennesseeResidential PropertyCondition Disclaimer Statement
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(w)METHODOFEXECUTION AND DELIVERY: Signaturesandinitialstransmitted by fax, photocopy, or digital signature
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methods will be acceptable and treated as originals. This Agreementconstitutes the sole and entireagreement between the
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parties. No verbal agreements, representations, promises, ormodifications of this Agreementwill be binding unless agreed
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to in writing by all parties. Deliverywill be considered to have been completed as of the date and time a document iseither
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(1) delivered in person, OR (2) transmitted by fax, OR (3) transmitted by email. Delivery of documents to the real estate Licensee
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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.
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(x)ACCEPTANCE DATEANDBINDINGCONTRACT: TheAcceptanceDatewill be the date offull execution (signing) of this
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Agreement by all parties,that is,the date one party accepts all the terms of the other party’s written and signedOffer orCounteroffer,
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evidenced by the accepting party’s signature and date on the Offeror Counteroffer.The Acceptance mustbe promptly
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communicated (by any reasonable and usualmode) to the other party, therebymaking thisAgreement a legally Binding Contract.
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Communicationstothe realestate Licenseeassistingapartyasthatparty'sagentor facilitator (ortothatLicensee’sBroker) will
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be considered to be communication to thatparty. True executed copiesof the Contract must be promptly delivered to all parties.
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(y)OFFER EXPIRATION DATE & TIME:_______________________________________________. If not Accepted by
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this date & time (or if blank, by the dateand time on Lines11-13), this Offerwill expire. However, at any time beforethe
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other party’s communication of Acceptance, the party making the Offermay withdrawthe Offerby communicating the
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withdrawal to the other party, and confirm the withdrawal by the prompt delivery of a written Notice of Withdrawal.
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Buyermakes this Offer.
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X_________________________________________________X__________________________________________________
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Buyer Signature Date & Time Buyer Signature Date & Time
This Offeris: AcceptedRejectedCountered on this formCountered on a separate Counteroffer form
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X_________________________________________________ X__________________________________________________
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Seller Signature Date & Time Seller Signature Date & Time
