Tennessee

Tennessee Real Estate Contract & Forms for Selling Your Home

Tennessee is considered as the “volunteer state.” It was tagged as such during the War of 1812 in which volunteer soldiers from Tennessee played a significant role, notably in the Battle of New Orleans. Nashville is the state’s capital and Memphis is its largest city.

Tennessee is currently enjoying an economic boom like never before in its 200-year history. It has a low unemployment record while its per capita income has doubled in the last 10 years. Housing remains very affordable and in great supply. You can choose from the contemporary single-family homes, plantation-style houses and elegant southern mansions. The Memphis residential real estate market is the second most undervalued market making it ideal for prospective homebuyers.

Real Estate Contract

Home sellers need to make sure they are using the correct real estate sale forms in their transaction. Check with your lawyer to learn about them and how you can obtain the necessary forms. Although real estate laws may be similar all across the U.S., the sale forms vary from state to state. Each state normally has its Real Estate Commission or Association which approves the specific forms to be used in their area. Local practices and customs may also dictate the use of such forms.

Real Estate Contract – This is a standard requirement in the sale of a residential property. This may serve as the contract between the seller and the buyer as it stipulates the terms and conditions including financial contingencies, pest and other inspections and issues concerning the property title. For it to be valid, this agreement must be in writing with the signatures of both parties affixed.

New construction purchase and sale agreement – This is similar to the purchase and sale agreement only it addresses certain issues related to new construction. This document will help potential buyers of a new home that is yet to be completed.

Property disclosure form – This contains information on the condition of the home for sale, its age, repairs done and existing defects. This is furnished by the seller to the buyer before a contract is signed. Check with your lawyer if state-specific forms are required in your area and what the real estate law covers when it concerns disclosure.

Residential property condition exemption notification – This is used when a home is exempted from the normal condition disclosure.

Residential property condition disclaimer statement – This form is normally used when a home is sold “as is” with the seller not offering any warranties or representations about the property condition except for those specified in the purchase agreement or contract.

Lead paint disclosure – Normally, this is required from sellers whose homes were constructed before 1978 and were painted with lead based paint. The use of such paint poses risks of lead poisoning especially among babies and small children. An EPA pamphlet entitled “Lead Paint: Protect Your Family” that include tips on controlling the hazards of lead based paint should accompany the disclosure form.

Tips in home selling

Your home’s physical appearance matter a lot to potential buyers. It is, therefore, a must to make it attractive beginning from the front yard and driveway to the different rooms inside. It may give you so much work cleaning and organizing all your stuff but it’s all worth it if you really wish to sell your home fast and for the best price possible.

Make sure to clean the major and even the minor parts because buyers who visit are usually very meticulous about cleanliness and home maintenance. They don’t want to see clutter anywhere around the house. Paint walls, too, if need be to make your house look fresh and new.

During visits, do turn on all your indoor and outdoor lights even during the day to avoid shadows and for a brighter ambience. At nighttime, a fully lit house gives a good “homey” feel for prospective buyers.

In making your home smell good, avoid using scented sprays hours before the visit. It may be offensive to your buyers especially if some may have allergies. The best thing to use is a potpourri or some natural fragrances. Another tip is to turn on your stove for a few seconds and place a drop of vanilla extract on it to create an atmosphere that you’ve been cooking.

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