Real Estate Contracts Tennessee
Purchasing or renting a property is regulated on a state and federal level to protect both buyer and seller. The way the regulations play out is through the drafting of contracts during the closing or renting of property. Rochford Law & Real Estate Title can help you navigate the complex arrangement of contracts to help you get the most out of your new investment.
Purchase & Sales Agreement
A purchase or sale agreement is the most common legal document associated with the buying and selling of a property. It’s a contract that outlines provisions such as address, parties involved, price and closing date. It sets into motion the process of purchasing of a new home and addresses other details such as when money needs to be exchanged. There are a few variations of the purchase agreement Rochford Law & Real Estate Title can help you with:
State/Association Purchase Agreement
General Purchase Agreement
Property-Specific Purchase Agreement
Contract for Deed
A contract for deed is a legal document that lets the buyer make payments to the seller until the amount agreed upon is paid in full. The seller retains the title to the property until the balance is paid. After the final payment, the legal ownership will transfer to the buyer. During the length of the contract, if the buyer defaults on payments, the seller retains the right to repossess the property. A contract for deed is a seller financing document. The parties would would benefit from working with a closing attorney since the interest rates are not regulated, and the structure of payments can take on many forms.
Commercial Lease Agreements
A commercial lease agreement is a document drafted between the lessor (landlord) and lessee (tenant). It’s a standard agreement between two parties that outlines the terms of renting a property. Included in the commercial contract is the monthly amount owed, security deposit, and provisions confirming how the tenant is expected to take care of the property. The agreement can include additional information about the responsibilities of the utilities and more. The drafting of this document by a closing attorney will protect you in the event of a legal dispute.
Power of Attorney
A Power of Attorney (POA) is a document signed by yourself allowing your real estate lawyer to act on your behalf. POAs are sometimes necessary if such problems as mental incapacity arise. The most common need for a POA in real estate is for those who invest in multiple properties or have elderly parents or grandparents with property.