Get Tennessee Contract For Sale And Purchase Of Real Estate With No Broker For Residential Home Sale

A seller in TN can get out of a real estate contract if the buyer's contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract.

ing to NAR (National Association of Realtors), there are six fiduciary duties real estate agents owe their clients: Loyalty. A duty of loyalty is one of the most fundamental fiduciary duties owed by an agent to his client. ... Confidentiality. ... Disclosure. ... Obedience. ... Reasonable Care and Dilligence. ... Accounting.

Fiduciary duty in real estate consists of six parts: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care. If you violate your fiduciary duty in real estate, you could be sued in court and potentially lose your license.

As an agent, you have a fiduciary responsibility to your clients, meaning you will be loyal, honest, and keep their information confidential in the process of helping them buy or sell a property.

In Tennessee, any contract for the sale of goods valued over $500 must be in writing to be legally binding (the Statute of Frauds). If the sale is for a good that has a price tag of less than $500, there does not need to be a written contract for the transaction to be legally valid.

This duty requires an agent to safeguard any money, deeds, and other documents entrusted to the agent that are related to his or her client. *To not disclose confidential information of or about the client, including the client's business, financial or business affairs, unless authorized to do so.

Agency law in Tennessee states that an agency relationship does not exist without a bilateral, written agency agreement between the licensee and the buyer or seller. An agency disclosure form, or confirmation of agency status, is NOT an agreement!

Dual agency is still legal in Tennessee (if it is fully disclosed to both parties and both parties consent to it). Disclosed dual agency, however, is rarely practiced.