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Who binds a real estate contract in TN?

The last party to receive the acceptance of the offer/counter offer is the one who binds the agreement.

Do weekends count in a contingency period?

Counting Calendar Days for Contingencies day 17 is 6/19/18). Weekends and holidays are included in the counting.

How does earnest money encourage the buyer not to breach the agreement of sale?

How does earnest money encourage the buyer not to breach the agreement of sale? If the buyer breaches the contract, the state will confiscate the earnest money. If the buyer breaches the contract, the seller may remedy the breach by keeping the earnest money, as well as the property.

How do you write a contingency clause?

A contingency clause often states that your offer to buy property is contingent upon X,Y, & Z. For example, the contingency clause may state, \u201cThe buyer's obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.\u201d

What happens with the earnest money after the buyer performs under the sale contract?

In most cases, earnest money is delivered when the sales contract or purchase agreement is signed, but it can also be attached to the offer. Once deposited, the funds are typically held in an escrow account until closing, at which time the deposit is applied to the buyer's down payment and closing costs.

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