The Buying Process In Nashville Tennessee

Unlike states like New York, where lawyers handle the contract work and part of the negotiation, in Nashville, the agents do everything: negotiation, writing the contract, and overseeing its terms until closing, which is usually within 30 days unless it’s a commercial property, which typically requires 60 or 90 days.

The contract lists both parties and the type of financing. If a bank is involved, the contract should be conditional upon loan approval and, of course, an appraisal to ensure that the property isn’t being sold for more than its current market value.

The contract also lists the attorneys representing each party, but only for title registration, and the money is transferred through them, so there’s no risk of fraud. Money never changes hands directly between the buyer and seller.

In the buyer’s contract, there are several days for the buyer to deposit “earnest money”. This can be any amount, just to show good faith and intent. If the contract is canceled due to one of the contingencies, the money is returned to the buyer immediately!

The contract also specifies the closing date—the transfer of funds and receipt of the keys—and, of course, the home inspection and any required repairs.

The contract protects both parties equally and is very clear and user-friendly.

Any use of a non-standard contract in Tennessee should raise a red flag.