What kinds of information are specific to real estate contracts in Tennessee?

Nashville, TN – Contracts can cover any kind of agreement between two or more parties. However, those that deal with real estate have some crucial differences. Real estate contracts are usually divided into a few different categories depending on what the parties involved need to accomplish. All real estate contracts still need to follow basic principles of contract law as well, such as containing an offer, acceptance, and consideration. 

Purchase agreements

This is probably the most common and widely used type of real estate contract. A purchase agreement contains the terms that the buyer and seller will agree to in order to transfer the ownership rights of one specific piece of land or other kind of real property. Most purchase agreements will need to contain the address of the property in question, identifying information about the buyer and seller, the price and payment terms, and other important details about the transaction. Issues related to closing costs, escrow accounts, and other aspects of the financial matters related to the transaction need to be included as well. 

In some rare cases, things like undeveloped land sales, motor homes and lots, or other non-traditional types of transactions may require different information and terms. 

Leases

A lease contract or agreement is one of the most widely used documents by real estate professionals. In most cases, the owner of a piece of property will agree to rent it out to a person or group of people for a certain time period in accordance with the terms of the lease. Some of the most important terms in leases are the price for renting the unit, information about security deposits, and payment terms such as when the rent is due. In most cases, the landlord or owner will have a duty under the terms of the lease to make all necessary repairs and improvements to keep the unit habitable for the tenant. 

Assignment contracts

This is common in the field of wholesalers in real estate industries. The agreement will tend to bind the homeowner along with a potential buyer or buyers. The owner needs to assign their rights to the wholesaler for these assignments to happen. In cases, this can be an efficient way for the owner to make a sale and get away from their mortgage and other responsibilities related to the property. However, those who want a larger profit may be better served by selling through an individual real estate agent. 

Help from a local business attorney

The Law Office of George Fusner is available to help with various aspects of business law. Anyone who needs assistance in Tennessee can contact the firm to learn more.  

Firm contact info:

The Law Office of George R. Fusner

7104 Peach Court, Brentwood TN 37027

615-251-0005

gfusnerlaw.com