The Sate of Tennessee grants realtors the legal right to complete certain information in a binding agreement between Seller and Buyer.
This post will cover Section 1 and I will do my best to explain what is in it. Please to understand that I am not an attorney and can not give legal advice. This is simply an attempt to provide information to both buyers and sellers who are considering using this agreement for the the purchase of real estate property in the state of Tennessee.
First, notice that each line in the contract is numbered on the left and when discussing questions you may have with your realtor you can include the line number which will help clarify your questions or comments.
Section 1 of Tennessee’s Purchase and Sale Agreement confirms who the participants are, what is being sold and what goes with the property as well as what does not. (See Below)
There is required “technical” information about the property about the deed and includes a legal description of the property.
In lines 12-21 Tennessee has included what is included in the price of the property. Please read that carefully to be sure of what you are selling or buying. Keep in mind all of it is still “negotiable” and can be changed by either party further down in the contract by including stipulations upon the agreement.
For the most part, “everything that is attached to the house or land” stays with the property and is included in the price. This includes the kitchen range, window treatment and blinds and even the TV bracket attached to the wall. It does not include the refrigerator or freezers or other appliances that are not connected to the property but instead plugged into the wall.
If you want the refrigerator to be included in the sale price make sure your realtor includes that in Section 1B, “Other items that REMAIN with the Property at no additional costs to the buyer:” Line 22. (See Below)
Since electric ranges are not really attached some realtors include that in Section 1B as well although it is listed under Section 1A.
In addition to items that stay with the property there is also a section in the State of Tennessee Purchase and Sale Agreement that addresses the items that you do not want to include with the sale price of the property.
This can include old tires, paint cans, out buildings that are not attached to the ground, swing sets, etc. As a buyer try not to overlook this section. Often sellers would like nothing better for you to inherit their junk. Make sure you include things you want removed.
In addition, as sellers you may want to make sure the buyer understands that the refridgerator is NOT staying and you can include it here. Also possible portable buildings, etc. that you would like to take with you.
Section 1D of the State of Tennessee Purchase and Sale Agreement deals with leased items. Most typically this is LP gas tanks and security systems. Be sure to check the box on Line 32 and include the items you do not want to convey with this contract.
This sums up Section 1 of the State of Tennessee Purchase and Sale Agreement. If you have any questions please contact us and we will be glad to try and find the answer for you.