The «Offer to Buy Real Estate» form is an official offer made by a potential buyer to a seller. This offer is usually established with the help of a real estate agent, but the offer can also be filled by a single buyer without representation of the real estate agent. In a case where a property is sold by the owner, it is not necessary to have an agent involved either on the seller`s site or on that of the buyer of the transaction. However, in FSBO situations, it is advisable to consult a lawyer or other real estate professional to ensure that the process is done correctly and that costly errors are avoided. Contracts for the sale of residential real estate generally contain promises and provisions that guarantee the condition, security and/or value of a property. In most countries, sellers are required to submit a sales contract with documentation guaranteeing the condition of the property. However, Tennessee law places the responsibility to determine if there are any problems with the property on the buyer. This is known as: if a buyer makes a formal and written offer to a seller, the buying process is officially underway. The Tennessee Residential Real Estate Purchase and Sale Contract is a form that potential buyers will design when they offer to buy a home. In the document, the buyer is able to outline the details of his offer, including the purchase price, serious money (deposit amount), financial contingencies and closing procedures.

The seller of real estate can negotiate these conditions by responding with a counter-offer within a time frame specified in the document. If the seller takes no steps to accept the terms or make a counter-offer before the deadline expires, the offer is cancelled and the buyer must restart the negotiation process. The contract is legally binding as soon as the seller approves the terms and both parties sign the contract. In the majority of real estate transactions in Tennessee, a person who wants to sell a home represents a real estate agent. The agreement between the seller and the real estate agent is referred to as the exclusive right to sell list agreements. This agreement identifies the property for sale and a list price for the property. There is also brokerage listing and the agent the right to find a buyer willing and able to for the property in exchange for compensation, usually in the form of a 6% commission usually, although it may be higher or lower than this one. Once the sales contract is concluded, the buyer and seller spend a period (usually about 30 days) fulfilling the responsibilities outlined in the contract. The seller is required to provide the buyer with detailed information about the property using standard disclosure forms.