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The document is a Lot/Land Purchase and Sale Agreement outlining the terms and conditions for the sale of a tract of land in Tennessee. It details the responsibilities of both the buyer and seller, including purchase price, payment methods, closing costs, title conveyance, inspections, contingencies, and default provisions. The agreement emphasizes the importance of earnest money deposits, financial contingencies related to loan acquisition, and various inspections that may be required before finalizing the sale.

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What is the downside of a land contract?

A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from an institutional lender or bank, the buyer agrees to take ownership of the property and then make payments to the real estate owner or seller until the purchase price is paid in full.

Who pays title fees in Tennessee purchase and sale agreement?

Title-related fees: In Tennessee, the buyer often pays for both the owners and the lenders title policy, which protects in case of ownership issues related to the homes title. There will also likely be a fee for a title search.

What is the land purchase agreement in Tennessee?

The Tennessee Land Purchase Agreement is a legal document that must be properly filled out in order to complete a successful sale of land in Tennessee. The buyer and seller must both initial each page and sign the agreement. The buyer should provide their name and address, along with a description of the property.

What is the Tennessee land purchase and sale contract?

A Tennessee land contract is used to transfer ownership of vacant land from the seller to a buyer. The contract contains all terms and conditions regarding the sale, including the agreed-upon purchase price and a legal description of the property as it appears on the deed.