2014 tar purchase & sales agreement - knoxville · pdf file · 2014-11-072014...

2014 TAR

PURCHASE & SALES

AGREEMENT

4 HOURS CE TREC APPROVED

PRESENTED BY

ED MATHEWS, CRB, GRI, SRES

CONTACT: ED1DAWG(&,COMCAST.NET (865) 216-9955

AGREEMENT TO SHOW PROPERTY

1 1. Permission to Show Property. In consideration of the services and efforts of , a licensed real estate firm (hereinafter "Broker"), the undersigned seller (hereinafter "Seller") hereby grants to Broker the right and privilege to show and offer for sale to (hereinafter "Prospect"), from to (hereinafter the "Authorization Period"), the following described property: (Address), (City), Tennessee, (Zip), as recorded in County Register of Deeds Office, deed book(s), page(s) instrument number, and further described as: together with all fixtures, landscaping, improvements and appurtenances, all being hereinafter collectively referred to as the "Property".

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12 2. Purchase Price. A purchase price of $ may be quoted for the Property, which

13 amount includes the real estate compensation, terms of which are more fully set forth below.

14 3. Brokerage Compensation. Seller agrees to pay to Broker, at the closing of the sale, a real estate

15 compensation (hereinafter "Compensation") of percent ( %) of the

16 negotiated sales price should Prospect enter into, during the Authorization Period, an enforceable Purchase

17 and Sale Agreement to purchase the Property, and Seller acknowledges that in such event, Broker shall have

18 been the procuring cause of such sale. In the event that the Property is sold directly by Seller to Prospect

19 within [insert time period] after the expiration of the Authorization Period, then

20 Seller agrees to pay the Compensation to Broker at the closing of the sale.

21 4. Representation. This Agreement is not a seller's agency engagement, but rather, is limited to Seller's

22 permission given to Broker to show the above Property to Prospect, in exchange for compensation to Broker

23 as set forth above. This Agreement shall not be construed to create an agency relationship between Seller and

24 Broker. The parties understand and agree that although Broker is not Seller's agent, Broker will treat Seller

25 honestly and may perform ministerial acts for Seller. It is understood that this Agreement in no way prohibits

26 Seller from selling the Property directly to a buyer other than Prospect.

27 5. Good and Marketable Title. Seller warrants that Seller (1) presently has title to the Property or has full

28 authority to enter into this Agreement, and (2) will in good faith cooperate with Broker in the showing of the

29 Property to Prospect. Seller authorizes submission of information to Multiple Listing Service when Property

30 has closed (evidenced by delivery of warranty deed and payment of purchase price).

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6. Other Provisions.

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A. Binding Effect, Entire Agreement, Modification, and Assignment.

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This Agreement shall be for the benefit of and be binding upon, the parties hereto, their heirs, successors,

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legal representatives and assigns. This Agreement constitutes the sole and entire agreement between the

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parties hereto and no modification of this Agreement shall be binding unless signed by all parties or

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assigns to this Agreement. No representation, promise, or inducement not included in this Agreement

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shall be binding upon any party hereto. Any assignee shall fulfill all the terms and conditions of this

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Agreement.

39 B. Governing Law and Venue. This Agreement is intended as a contract to show real property and shall be

40 governed by and interpreted in accordance with the laws and in the courts of the State of Tennessee.

41 C. Equal Housing. This Property is being sold without regard to race, color, sex, religion, handicap,

42 familial status, or national origin.

43 D. Severability. If any portion or provision of this Agreement is held or adjudicated to be invalid or

44 unenforceable for any reason, each such portion or provision shall be severed from the remaining portions

45 or provisions of this Agreement, and the remaining portions or provisions shall be unaffected and remain

46 in full force and effect.

Copyright 2014 © Tennessee Association of Realtors® F22 — Agreement to Show Property, Page 1 of 2 Version 2/01/2014

The party(ies) below have signed and acknowledge receipt of a copy.

SELLER at o'clock o am/ o pm

Date

PRINT/TYPE NAME:

SELLER at o'clock o am/ o pm

Date

PRINT/TYPE NAME:

ADDRESS: ADDRESS: Phone(H): Phone(W): Phone(H): Phone(W): Cell: Email: Cell: Email:

47 E. Default. Seller agrees to pay all reasonable attorney's fees together with any court costs and expenses 48 which Broker incurs in enforcing any of Seller's obligations to pay compensation under this Agreement to 49 Show Property. The parties hereby agree that all remedies are fair and equitable and neither party will 50 assert the lack of mutuality of remedies as a defense in the event of a dispute.

51 F. Time of Essence. Time is of the essence in this Agreement.

52 G. Method of Execution. The parties agree that signatures and initials transmitted by facsimile, other 53 photocopy transmittal, or by transmittal of digital signature as defined by the applicable State or Federal 54 law will be acceptable and may be treated as originals and that the final Purchase and Sale Agreement 55 containing all signatures and initials may be executed partially by original signature and partially on 56 facsimile, other photocopy documents, or by digital signature as defined by the applicable State or 57 Federal law.

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By: Broker or Licensee Authorized by Broker BROKER/FIRM 62 at o'clock o am/ o pm

63

Date ADDRESS 64

PHONE:

FAX: 65

PRINT/TYPE NAME

EMAIL:

66

67 68 69 70 71 72 73 74 75 76

NOTE: This form is provided by TAR to its members for their use in real estate transactions and is to be used as is. By downloading and/or using this form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agree and acknowledge that any such alteration, amendment or edit of said_fOrm is done at your own risk. Use of the logo in conjunction with any form other than standardized forms created by TAR is strictly prohibited. This form is subject to periodic revision and it is the responsibility of the member to use the most recent available form.

Copyright 2014 Tennessee Association of Realtors® F22 — Agreement to Show Property, Page 2 of 2 Modified on 2/01/2014

WORKING WITH A REAL ESTATE PROFESSIONAL

1 Pursuant to the Tennessee Real Estate Broker License Act, every Real Estate Licensee owes the following duties to 2 every Buyer and Seller, Tenant and Landlord (collectively "Buyers" and "Sellers"):

3 1. To diligently exercise reasonable skill and care in providing services to all parties to the transaction;

4 2. To disclose to each party to the transaction any Adverse Facts of which Licensee has actual notice or knowledge;

5 3. To maintain for each party in a transaction the confidentiality of any information obtained by a Licensee prior to

6 disclosure to all parties of a written agency agreement entered into by the Licensee to represent either or both parties

7 in the transaction. This duty of confidentiality extends to any information which the party would reasonably expect

8 to be held in confidence, except for any information required by law to be disclosed;

9 4. To provide services to each party to the transaction with honesty and good faith;

10 5. To disclose to each party to the transaction timely and accurate information regarding market conditions that might

11 affect such transaction only when such information is available through public records and when such information is

12 requested by a party;

13 6. To give timely account for earnest money deposits and all other property received from any party to a transaction;

14 and

15 7. A) To refrain from engaging in self-dealing or acting on behalf of Licensee's immediate family, or on behalf of any

16 other individual, organization or business entity in which Licensee has a personal interest without prior disclosure of

17 such personal interest and the timely written consent of all parties to the transaction; and

18 B) To refrain from recommending to any party to the transaction the use of services of another individual,

19 organization or business entity in which the Licensee has an interest or from whom the Licensee may receive a

20 referral fee or other compensation for the referral, other than referrals to other Licensees to provide real estate

21 services, without timely disclosure to the party who receives the referral, the Licensee's interest in such a referral or

22 the fact that a referral fee may be received.

23 In addition to the above, the Licensee has the following duties to his/her Client if the Licensee has become an Agent or

24 Designated Agent in a transaction:

25 8. Obey all lawful instructions of the client when such instructions are within the scope of the agency agreement

26 between the Licensee and Licensee's client;

27 9. Be loyal to the interests of the client. Licensee must place the interests of the client before all others in negotiation

28 of a transaction and in other activities, except where such loyalty/duty would violate Licensee's duties to a customer

29 in the transaction; and

30 10. Unless the following duties are specifically and individually waived in writing by a client, Licensee shall assist the

31 client by:

32 A) Scheduling all property showings on behalf of the client;

33 B) Receiving all offers and counter offers and forwarding them promptly to the client;

34 C) Answering any questions that the client may have in negotiation of a successful purchase agreement within

35 the scope of the Licensee's expertise; and

36 D) Advising the client as to whatever forms, procedures and steps are needed after execution of the purchase

37 agreement for a successful closing of the transaction.

38 Upon waiver of any of the above duties contained in 10. above, a consumer must be advised in writing by such

39 consumer's agent that the consumer may not expect or seek assistance from any other licensees in the transaction for

40 the performance of said duties.

Copyright 2013 © Tennessee Association of Realtors® F1(b) — Working with a Real Estate Professional, Page 1 of 2 Version 2/01/2014

AN EXPLANATION OF TERMS

41 Facilitator/Transaction Broker (not an agent for either party).

42 The Licensee is not working as an agent for either party in this consumer's prospective transaction. A Facilitator may

43 advise either or both of the parties to a transaction but cannot be considered a representative or advocate of either party.

44 "Transaction Broker" may be used synonymously with, or in lieu of, "Facilitator" as used in any disclosures, forms or

45 agreements. [By law, any licensee or company who has not entered into a written agency agreement with either party in

46 the transaction is considered a Facilitator or Transaction Broker until such time as an agency agreement is established.]

47 Agent for the Seller.

48 The Licensee's company is working as an agent for the property seller and owes primary loyalty to the seller. Even if

49 the Licensee is working with a prospective buyer to locate property for sale, rent, or lease, the Licensee and his/her

50 company are legally bound to work in the best interests of any property owners whose property is shown to this

51 prospective buyer. An agency relationship of this type cannot, by law, be established without a written agency

52 agreement.

53 Agent for the Buyer.

54 The Licensee's company is working as an agent for the prospective buyer, owes primary loyalty to the buyer, and will

55 work as an advocate for the best interests of the buyer. An agency relationship of this type cannot, by law, be established

56 without a written buyer agency agreement.

57 Disclosed Dual Agent (for both parties).

58 Refers to a situation in which the Licensee has agreements to provide services as an agent to more than one party in a

59 specific transaction and in which the interests of such parties are adverse. This agency status may only be employed upon

60 full disclosure to each party and with each party's informed consent.

61 Designated Agent for the Seller.

62 The individual Licensee that has been assigned by his/her Managing Broker and is working as an agent for the Seller or

63 property owner in this consumer's prospective transaction, to the exclusion of all other licensees in his/her company.

64 Even if someone else in the Licensee's company represents a possible buyer for this Seller's property, the Designated

65 Agent for the Seller will continue to work as an advocate for the best interests of the Seller or property owner. An

66 agency relationship of this type cannot, by law, be established without a written agency agreement.

67 Designated Agent for the Buyer.

68 The individual Licensee that has been assigned by his/her Managing Broker and is working as an agent for the Buyer in

69 this consumer's prospective transaction, to the exclusion of all other licensees in his/her company. Even if someone else

70 in the Licensee's company represents a seller in whose property the Buyer is interested, the Designated Agent for the

71 Buyer will continue to work as an advocate for the best interests of the Buyer. An agency relationship of this type

72 cannot, by law, be established without a written agency agreement.

73 Adverse Facts.

74 "Adverse Facts" means conditions or occurrences generally recognized by competent licensees that have a negative

75 impact on the value of the real estate, significantly reduce the structural integrity of improvements to real property or

76 present a significant health risk to occupants of the property.

77 Confidentiality.

78 By law, every licensee is obligated to protect some information as confidential. This includes any information revealed

79 by a consumer which may be helpful to the other party IF it was revealed by the consumer BEFORE the Licensee

80 disclosed an agency relationship with that other party. AFTER the Licensee discloses that he/she has an agency 81 relationship with another party, any such information which the consumer THEN reveals must be passed on by the

82 Licensee to that other party.

83 84 Unrepresented Party Signature

Date

Unrepresented Party Signature Date

85 86 Real Estate Licensee Date Real Estate Company Date

NOTE: This form is provided by TAR to its members for their use in real estate transactions and is to be used as is. By downloading and/or using this form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agree and acknowledge that any such alteration, amendment or edit of said form is done at your own risk. Use of the TAR logo in conjunction with any form other than standardized forms created by TAR is strictly prohibited This form is subject to periodic revision and it is the responsibility of the member to use the most recent available form.

Copyright 2013 Tennessee Association of Realtors® F1(b}- Working with a Real Estate Professional, Page 2 of 2 Version 2/01/2014

below.] Licensee 14 15 interest with regard to the sale of the property located at

has a personal

The party(ies) below have signed and acknowledge receipt of a copy. 30

FIRM/COMPANY LICENSEE

o'clock ❑ am/ ❑ pm ADDRESS: PHONE: EMAIL:

31 32

33 34 35 36

FAX:

at Date

PERSONAL INTEREST DISCLOSURE & CONSENT

1 On occasion, a real estate licensee may become involved in a real estate transaction BOTH as a licensed real estate

2 professional AND as a party — directly or indirectly — to the transaction. The Real Estate Broker Licensing Act requires that

3 a licensee's personal interest in any transaction be disclosed. Further, said Act requires the written consent of all parties to a

4 transaction with regard to certain personal interests.

5 As used below:

6 • "Buyer" shall mean Buyer or Tenant.

7 • "Seller" shall mean Seller or Landlord. 8 DISCLOSURE AND CONSENT AS TO LICENSEE'S PERSONAL INTEREST:

9 [Pursuant to Section 62-13-403(7)(A) of the Tennessee Real Estate Broker Licensing Act, a licensee shall:

10 "Not engage in self-dealing nor act on behalf of a licensee's immediate family, or on behalf of any other

11 individual, organization or business entity in which the licensee has a personal interest without prior

12 disclosure of such interest and the timely written consent of all parties to the transaction."'

13 1. Nature of Interest. [Licensee to disclose nature of personal interest by checking appropriate box(es)

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The licensee's personal interest is as follows: ❑ the licensee is the seller/owner of this property. ❑ an immediate family member of the licensee is the seller of the property. ❑ any other individual, organization or business entity in which the licensee has a personal interest is the

seller of the property. ❑ the licensee is a prospective buyer of the property. ❑ an immediate family member of the licensee is the prospective buyer of the property. ❑ any other individual, organization or business entity in which the licensee has a personal interest is a

prospective buyer of the property. ❑ other

2. Consent of Continued Involvement. Buyer and Seller consent to the undersigned licensee's continued involvement in the subject transaction.

Shall Be Signed by Licensee, Buyer and Seller Prior to Execution of a Real Estate Contract:

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BUYER

BUYER

40

at

o'clock o am/ ❑ pm o'clock o am/ ❑ pm 41

Date

Date

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43 44

SELLER

SELLER

45

at o'clock o am/ o pm o'clock ❑ am/ o pm 46

Date

Date NOTE: This form is provided by TAR to its members for their use in real estate transactions and is to be used as is. By downloading and/or using this form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agree and acknowledge that any such alteration, amendment or edit of said form is done at your own risk. Use of the TAR logo in conjunction with any form other than standardized forms created by TAR is strictly prohibited. This form is subject to periodic revision and it is the responsibility of the member to use the most recent available form.

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Copyright 2011 © Tennessee Association of Realtors® F17 — Personal Interest Disclosure & Consent, Page 1 of 1 Modified on 02/01/2014

NOTIFICATION OF CHANGE IN STATUS OR AGENCY RELATIONSHIP

1 Every real estate licensee is required to disclose his or her agency status in a real estate transaction to any buyer or 2 seller who is not represented by an agent and with whom the licensee is working directly in the transaction. Copies of 3 this confirmation must be provided to any signatory thereof. If the licensee's agency relationship changes at any time 4 during the course of a real estate transaction, that agent is required to immediately notify any other licensees and any 5 parties to the transaction of this change in agency relationship. The following serves as a written confirmation of any

6 change in status or agency relationship by this Licensee (or Licensee's real estate company):

7 The real estate transaction involving the property located at:

8 ("Property Address")

9 and involving the following parties: ("Seller" which

10 includes landlord as applicable ) and/or ("Buyer"

11 which includes tenant as applicable).

12 I. PREVIOUS STATUS OR AGENCY RELATIONSHIP:

13 ("Licensee") was previously acting in the following capacity in this transaction:

14 Licensee to select the Status or Agency Relationship previously disclosed by Licensee on the original Confirmation of

15 Agency Status Form or immediately preceding Notification of Change in Status or Agency Relationship:

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17

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20 II. CHANGE TO STATUS OR AGENCY RELATIONSHIP: 21 ("Licensee") with 22 ("Finn") has changed his/her status or agency relationship in this transaction to the following:

23 Licensee to select ONE of the following options to describe his/her New Status or Agency Relationship in this 24 Transaction:

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26

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29 This form is intended to notify a buyer, seller, and/or any other licensee in transaction of a change in status or agency 30 relationship of a real estate agent. This document also serves as confirmation that the licensee's Agency or Transaction 31 Broker status was communicated orally before any real estate services were provided and also serves as a statement 32 acknowledging that the buyer or seller, as applicable, was informed that any complaints alleging a violation or violations of 33 Tenn. Code Aim. § 62-13-312 must be filed within the applicable statute of limitations for such violation set out in Tenn. 34 Code Ann. § 62-13-313(e) with the Tennessee Real Estate Commission, 500 James Robertson Parkway, Nashville, TN 35 37243, PH: (615) 741-2273. This notice by itself, however, does not constitute an agency agreement or establish any 36 agency relationship.

❑ Agent for the Seller ❑ Agent for the Buyer

❑ Designated Agent for the Seller ❑ Designated Agent for the Buyer

❑ Transaction Broker or Facilitator (not an agent for either party)

❑ Disclosed Dual Agent (for both parties) with the consent of both the Buyer and the Seller

❑ Agent for the Seller ❑ Agent for the Buyer

❑ Designated Agent for the Seller ❑ Designated Agent for the Buyer

❑ Transaction Broker or Facilitator (not an agent for either party)

❑ Disclosed Dual Agent (for both parties) with the consent of both the Buyer and the Seller

Copyright 2013 © Tennessee Association of Realtors® Fl(a) — Notification of Change in Status or Agency Relationship, Page 1 of 2 Version 2/01/2014

37 The following signatures constitute acknowledgment of receipt of this Notification of Change in Status or Agency 38 Relationship disclosure by the Realtor® acting as Agent/Broker OR other status of Seller/Landlord and/or Buyer/Tenant listed 39 above pursuant to the National Association of Realtors® Code of Ethics and Standards of Practice.

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Seller Signature Date Buyer Signature

Date

42 43

Seller Signature

Date

Buyer Signature

Date

44 45

Listing Licensee

Date Selling Licensee

Date

46 47

Listing Company

Date Selling Company

Date

NOTE: This form is provided by TAR to its members for their use in real estate transactions and is to be used as is. By downloading and/or using this form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agree and acknowledge that any such alteration, amendment or edit of said form is done at your own risk. Use of the TAR logo in conjunction with any form other than standardized forms created by TAR is strictly prohibited. This form is subject to periodic revision and it is the responsibility of the member to use the most recent available form.

Copyright 2013 © Tennessee Association of Realtors' Fl(a)— Notification of Change in Status or Agency Relationship, Page 2 of 2 Version 2/01/2014

CONFIRMATION OF AGENCY STATUS 1 Every real estate licensee is required to disclose his or her agency status in a real estate transaction to any buyer or 2 seller who is not represented by an agent and with whom the Licensee is working directly in the transaction. The 3 purpose of this Confirmation of Agency Status is to acknowledge that this disclosure occurred. Copies of this 4 confirmation must be provided to any signatory thereof. As used below, "Seller" includes sellers and landlords; 5 "Buyer" includes buyers and tenants. Notice is hereby given that the agency status of this Licensee (or Licensee's 6 company) is as follows in this transaction: 7 The real estate transaction involving the property located at: 8 9

PROPERTY ADDRESS

SELLER NAME: BUYER NAME: LICENSEE NAME: LICENSEE NAME:

in this consumer's current or prospective transaction is in this consumer's current or prospective transaction serving as: is serving as:

❑ Transaction Broker or Facilitator. ❑ Transaction Broker or Facilitator. (not an agent for either party). (not an agent for either party).

❑ Seller is Unrepresented. ❑ Buyer is Unrepresented.

❑ Agent for the Seller. ❑ Agent for the Buyer.

❑ Designated Agent for the Seller. ❑ Designated Agent for the Buyer.

❑ Disclosed Dual Agent (for both parties), ❑ Disclosed Dual Agent (for both parties), with the consent of both the Buyer and the Seller with the consent of both the Buyer and the Seller in this transaction. in this transaction.

This form was delivered in writing, as prescribed by law, to any unrepresented buyer prior to the preparation of any offer to purchase, OR to any unrepresented seller prior to presentation of an offer to purchase; OR (if the Licensee is listing a property without an agency agreement) prior to execution of that listing agreement. This document also serves as confirmation that the Licensee's Agency or Transaction Broker status was communicated orally before any real estate services were provided and also serves as a statement acknowledging that the buyer or seller, as applicable, was informed that any complaints alleging a violation or violations of Tenn. Code Ann. § 62-13-312 must be filed within the applicable statute of limitations for such violation set out in Tenn. Code Ann. § 62-13-313(e) with the Tennessee Real Estate Commission, 710 James Robertson Parkway, 3 rd Floor, Nashville, TN 37232, PH: (615) 741-2273. This notice by itself, however, does not constitute an agency agreement or establish any agency relationship.

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31 By signing below, parties acknowledge receipt of confirmation of Agency relationship disclosure by Realtor ® acting as 32 Agent/Broker OR other status of Seller/Landlord and/or Buyer/Tenant pursuant to the National Association of Realtors® 33 Code of Ethics and Standards of Practice.

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Seller Signature Date Buyer Signature Date

Seller Signature Date Buyer Signature Date

Listing Licensee Date Selling Licensee Date

Listing Company Date Selling Company Date NOTE: This form is provided by TAR to its members for their use in real estate transactions and is to be used as is. By downloading and/or using this form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agree and acknowledge that any such alteration, amendment or edit of said form is done at your own risk Use of the TAR logo in conjunction with any form other than standardized forms created by TAR is strictly prohibited. This form is subject to periodic revision and it is the responsibility of the member to use the most recent available form.

Copyright 2013 © Tennessee Association of Realtors° F1(c) — Confirmation of Agency Status, Page 1 of 1 Version 2/01/2014

GET A HOME INSPECTION / PROPERTY SURVEY

1 Name of Buyer(s)

2 Property Address

3 I. HOME INSPECTION

4 1. WHY A BUYER NEEDS A HOME INSPECTION. A home inspection gives the Buyer more detailed

5 information about the overall condition of the home prior to purchase. In a home inspection, a licensed inspector

6 takes an in-depth, unbiased look at your potential new home to:

7 a. Evaluate the physical condition: structure, construction, and mechanical systems.

8 b. Identify items that need to be repaired or replaced.

9 c. Estimate the remaining useful life of the major systems, equipment, structure, and finishes.

10 2. APPRAISALS ARE DIFFERENT FROM HOME INSPECTIONS. An appraisal is different from a home

11 inspection. Appraisals are for lenders; home inspections are for buyers. An appraisal is required for three reasons:

12 a. to estimate the market value of a house.

13 b. to make sure that the house meets Lender minimum property standards/requirements.

14 c. to make sure that the house is marketable.

15 3. LENDER DOES NOT GUARANTEE THE CONDITION OF YOUR POTENTIAL NEW HOME. If you find

16 problems with your new home after closing, the Lender cannot give or lend you money for repairs, and the Lender

17 cannot buy the home back from you.

18 4. RADON GAS TESTING. The United States Environmental Protection Agency and the Surgeon General of the

19 United States have recommended that all houses should be tested for radon. For more information on radon testing,

20 call the National Radon Information Line at 1-800-SOS-Radon or 1-800-767-7236 or the Tennessee Department of

21 Environment and Conservation at 1-800-232-1139. As with a home inspection, if you decide to test for radon, you

22 may do so before signing your contract, or you may do so after signing the contract as long as your contract states

23 the sale of the home depends on your satisfaction with the results of the radon test.

24 5. BE AN INFORMED BUYER. It is your responsibility to be an informed buyer. Be sure that what you buy is

25 satisfactory in every respect. You have the right to carefully examine your potential new home with a licensed

26 home inspector. You may arrange to do so before signing your contract, or you may do so after signing the contract

27 as long as the contract states that the sale of the home depends on the inspection.

28 II. PROPERTY SURVEY

29 1. WHY A BUYER NEEDS A SURVEY. A survey gives the Buyer specific information concerning the boundary

30 lines of the property prior to purchase. In a survey, a licensed surveyor takes an in-depth, unbiased look at your

31 potential new property to:

32 a. to establish boundary lines on a parcel of land.

33 b. for platting and layout of lands and subdivisions of lands.

34 c. for preparation of property descriptions for deeds.

35 2. SURVEYS ARE DIFFERENT FROM OTHER INSPECTIONS. A survey is different from a home inspection

36 and an appraisal. A survey establishes the boundary lines for the property. Neither a home inspection nor an appraisal

37 can do this. A home inspection provides a report on the condition of the improvements on the property. An appraisal

38 determines the value of the property. In order to ensure that you know exactly how much land you are purchasing, you

39 should get a survey done.

40 3. BE AN INFORMED BUYER. It is your responsibility to be an informed buyer. Be sure that what you buy is

41 satisfactory in every respect. You have the right to carefully examine your potential new property with a licensed

42 surveyor. You may arrange to do so before signing your contract, or you may do so after signing the contract as long as

43 the contract states that the sale of the home depends on the survey.

Copyright 2014 © Tennessee Association of Realtors® F48 Get a Home Inspection / Property Survey - Page 1 of 2 Version 05/01/2014

44 IIL BUYER ACKNOWLEDGMENT

45 1. HOME INSPECTION.

46 Uwe understand the importance of getting an independent home inspection. Uwe have considered this before 47 signing a contract with the seller for a home. Furthermore, Uwe have carefully read this notice and fully 48 understand that the Lender will not perform a home inspection nor guarantee the price or condition of the 49 property.

50 ❑ Uwe choose to have a home inspection performed.

51 ❑ Uwe choose not to have a home inspection performed.

52 2. SURVEY

53 Uwe understand the importance of getting an independent survey and that this can be done through a 54 licensed surveyor. Uwe have been advised that a survey is recommended prior to purchasing real property. 55 Uwe have considered this before signing a contract with the seller for a home. Furthermore, Uwe have 56 carefully read this notice and fully understand that obtaining an independent survey is the best means of 57 determining the boundary lines for the property.

58 ❑ Uwe choose to have a survey performed.

59 ❑ Uwe choose not to have a survey performed.

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61 62

BUYER BUYER

63 at o'clock ❑ am/ ❑ pm at o'clock ❑ am/ ❑ pm

64

Date Date


Copyright 2014 © Tennessee Association of Realtors® F48 Get a Home Inspection / Property Survey - Page 2 of 2 Version 05/01/2014

WATER SUPPLY AND WASTE DISPOSAL NOTIFICATION 1 Name of Buyer(s) 2 Property Address 3

4 A home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. In 5 order to make an informed decision and for your protection, Buyer should consider the following information. A home 6 inspection does not address Water Supply and Waste Disposal Systems. 7 1. WATER SUPPLY 8 A. Source 9 1. Is there a Well?

10 2. Is there a Spring? 11 3. Is there a Cave? 12 B. Ownership/Rights 13 1. Is it currently shared? Do others have contractual 14 rights? 15 2. Can a well digger's report be obtained? 16 3. Is the system owned or leased?

D. Quantity 1. Is the water source adequate to the present owners? 2. If shared, who is responsible for maintenance?

E. Quality 1. Does the water source meet state water standards currently? 2. Has it been tested recently? 3. Is there a water purification system in place?

17 C. Source Location 18 1. Is it on the property being purchased? If not, where? 19 2. Is it recorded? 20 2. WASTE DISPOSAL

• 2:1 Tennessee counties are charged with the responsibility to keep records of each private septic system. The records at the 22 respective County Health/Environmental Office should be checked to retrieve a copy of the system permit and 23 construction verification. Sometimes these records are not available, misplaced, or lost. If the reports are not available, 24 the Buyer may want the system dye tested and to have the tank and field lines located. Buyer may, for a fee, obtain a 25 septic system inspection letter from the Tennessee Department of Environment and Conservation, Division of Ground 26 Water Protection. 27 A. Location 28 1. Where are the tank and field lines? 29 2. Are there multiple systems? Where are they? Are they in working order?

30 B. System Specifics 31 1. What is the capacity in regards to the bedroom ratio? 32 2. Was it installed to state standards? What year? 33 3. Is there a maintenance history? When was the system last serviced? 34 4. Are all household drains connected to the septic system?

35 C. Types 36 1. Is the system a mound, low pressure, step, gravity drain field, sand filter, or other?

37 Uwe have carefully read this notice and have been made aware that it is my responsibility as an informed Buyer 38 to seek answers to these and other questions regarding Water Supply and Waste Disposal Systems. I understand 39 that any inspections of these items must be requested and performed under the provisions within the Inspection 40 paragraph of the Purchase and Sale Agreement. This notification does not constitute in any way a contingency in 41 the Purchase and Sale Agreement.

42


43 44

BUYER BUYER

45

at o'clock o am/ o pm at o'clock o am/ o pm 46

Date Date


Copyright 2010 © Tennessee Association of Realtors® F55 — Water Supply and Waste Disposal Notification, Page 1 of 1 Version 02/01/2014

EXCLUSIVE BUYER REPRESENTATION AGREEMENT (Designated Agency)

1 Broker/Firm:

2 Address of Firm:

3 Buyer:

4 1. TERM.

5 For and in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt

6 and sufficiency of which is hereby acknowledged, the undersigned

7 ("Client" or "Buyer") hereby employs the

8 Firm/Broker of ("Broker"), as Client's

9 exclusive agent to locate property for Client's purchase, lease, exchange or option (collectively "Purchase") during the

10 term of this agreement, and to advocate the Client's best interests in the negotiation of terms and conditions of any such

11 Purchase. This Buyer Representation Agreement ("Agreement") begins on this date and terminates at 11:59 p.m. local time

12 on , or at the closing (or in the case of a lease, the date of possession) of any

13 Purchase under this Agreement, if such occurs earlier.

14 2. TYPE OF PROPERTY SOUGHT BY CLIENT.

15 A. General Description, Size and Location: 16

17 B. Price Range & Terms:

18

C. Sources to be Searched for Property: 19

20 D. Other Terms/Conditions:

21 E. Properties Specifically Exempted from this Agreement: 22

23 3. CLIENT DUTIES. 24 Buyer agrees:

25 A. To Purchase property exclusively through Broker during the term of this Agreement;

26 B. To furnish Broker on a timely basis with any necessary personal and/or financial information to ensure Client's 27 ability to Purchase;

28 C. That he/she is not under an exclusive right to buy contract or exclusive buyer representation agreement with any 29 other agent at this time;

30 D. That if Client utilizes the services of another real estate broker or deals solely with a Seller's Agent or the Seller 31 directly at any time during the effective period of this Agreement and/or any extensions thereof and then enters into 32 an agreement with a seller/owner to Purchase any property(ies) described above, the Buyer still owes a commission 33 to the Broker provided herein;

34 E. To authorize Broker to negotiate for a fee paid by the Seller and/or the Seller's agent, the payment of which will be 35 fully disclosed to Client. If a fee is not offered or paid to Broker, as could occur, for example, in the purchase of an 36 unlisted property, Client agrees to pay Broker a total of $ or % compensation 37 based on the total sale price. In the event that Buyer leases a property in lieu of purchase, the Buyer agrees to pay 38 Broker a total of $ in compensation unless otherwise stated herein. In the event that the amount of 39 any cooperating compensation paid by Seller or Seller's broker is less than the amount listed above, Buyer agrees to 40 pay Broker the difference at closing, or on the date of possession in the case of a lease. Broker's fee is earned at the 41 signing by both parties of an agreement to purchase, lease, exchange or the exercise of an option for any

Copyright 2013 Tennessee Association of Realtors® F3 — Exclusive Buyer Representation Agreement (Designated Agency), Page 1 of 6 Version 02/01/2014

42 property(ies) as described above and is due at the closing of any such transaction or upon possession of property

43 unless otherwise stated herein. In the event that Buyer defaults on performance of a valid contract for sale, lease,

44 exchange or exercised option, Broker's fee will be due on the date of default. Buyer agrees to pay all reasonable

45 attorney's fees together with any court costs and expenses which real estate firm incurs in enforcing any of Buyer's

46 obligations to pay compensation under this Agreement. The parties hereby agree that all remedies are fair and

47 equitable and neither party will assert the lack of mutuality of remedies as a defense in the event of a dispute.

48 NOTICE: Real estate fees are not fixed by law. They are set by each broker individually and are negotiable

49 between Client and Broker. The payment of any fee by Seller will not make Broker either the Agent or Subagent of

50 the Seller; and

51 F. Carry-Over Clause. Should the Buyer contract to buy or exchange, or contract to lease a property within

52 days after the expiration of this Agreement with any Seller/Landlord (or anyone acting on

53 Seller's/Landlord's behalf) who has been introduced to Buyer, directly or indirectly, during the term hereof, as

54 extended, the Buyer agrees to pay the compensation as set forth above. This carry-over clause shall not apply if the

55 Buyer is subject to a buyer's representation agreement with another licensed real estate broker at the time of such

56 contract.

57 G. That he/she has reviewed this Agreement and agrees with the terms herein.

58 4. AGENCY

59 A. Definitions

60 1. Broker:

61 In this Agreement, the term "Broker" shall mean a licensed Tennessee real estate broker or brokerage firm and

62 where the context would indicate, the Broker's affiliated licensees, including but not limited to the Designated

63 Agent.

64 2. Designated Agent for the Buyer:

65 The individual licensee that has been assigned by the Managing Broker and is working as an agent for the

66 Buyer in this consumer's prospective transaction, to the exclusion of all other licensees in his/her company.

67 Even if someone else in the licensee's company represents a Seller of a prospective property, the Designated

68 Agent for the Buyer will continue to work as an advocate for the best interests of the Buyer. An agency

69 relationship, by law, can only be established by a written agency agreement.

70 3. Facilitator/Transaction Broker (not an agent for either party):

71 The licensee is not working as an agent for either party in this consumer's prospective transaction. A Facilitator

72 may advise either or both of the parties to a transaction but cannot be considered a representative or advocate of

73 either party. By law, any licensee or company who has not entered into a written agency agreement with either

74 party in the transaction is considered a Facilitator or Transaction Broker until such time as an agency agreement

75 is established.

76 4. Dual agency:

77 The licensee has agreements to provide services as an agent to more than one (1) party in a specific transaction

78 and in which the interests of such parties are adverse. This agency status may only be employed upon full

79 disclosure to each party and with each party's informed consent.

80 5. Adverse Facts:

81 "Adverse Facts" means conditions or occurrences generally recognized by competent licensees that have a

82 negative impact on the value of the real estate, significantly reduce the structural integrity of improvements to

83 real property or present a significant health risk to occupants of the property.

84 6. Confidentiality:

85 By law, every licensee is obligated to protect some information as confidential. This includes any information

86 revealed by a consumer which may be helpful to the other party IF it was revealed by the consumer BEFORE

87 the licensee disclosed any agency relationship with that other party. AFTER the licensee discloses that he/she

88 has an agency relationship with another party, any such information which the consumer THEN reveals must be

89 passed on by the licensee to that other party. Buyer understands that there is a possibility that sellers or sellers'

90 representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is

91 required by law, regulation, or by any confidentiality agreement between the parties.

92 B. Duties owed to all Parties to a Transaction.

93 Pursuant to the Tennessee Real Estate Broker License Act, every Real Estate Licensee owes the following

94 duties to every Buyer and Seller, Tenant and Landlord (collectively "Buyers" and "Sellers"):

Copyright 2013 CO Tennessee Association of Realtors® F3 — Exclusive Buyer Representation Agreement (Designated Agency), Page 2 of 6 Version 02/01/2014

95 1. To diligently exercise reasonable skill and care in providing services to all parties to the transaction;

96 2. To disclose to each party to the transaction any Adverse Facts of which Licensee has actual notice or

97 knowledge;

98 1 To maintain for each party in a transaction the confidentiality of any information obtained by a Licensee prior to

99 disclosure to all parties of a written agency agreement entered into by the Licensee to represent either or both

100 parties in the transaction. This duty of confidentiality extends to any information that the party would

101 reasonably expect to be held in confidence, except for information which the party has authorized for disclosure

102 or information required by law to be disclosed;

103 4. To provide services to each party to the transaction with honesty and good faith;

104 5. To disclose to each party to the transaction timely and accurate information regarding market conditions that

105 might affect such transaction only when such information is available through public records and when such

106 information is requested by a party;

107 6 To give timely account for earnest money deposits and all other property received from any party to a

108 transaction; and

109 7. A. To refrain from engaging in self-dealing or acting on behalf of Licensee's immediate family, or on behalf

110 of any other individual, organization or business entity in which Licensee has a personal interest without

111 prior disclosure of such personal interest and the timely written consent of all parties to the transaction; and

112 B. To refrain from recommending to any party to the transaction the use of services of another individual,

113 organization or business entity in which the Licensee has an interest or from whom the Licensee may

114 receive a referral fee or other compensation for the referrals, other than referrals to other Licensees to

115 provide real estate services, without timely disclosing to the party who receives the referral, the Licensee's

116 interest in such referral or the fact that a referral fee may be received.

117 C. Duties Owed to Client.

118 In addition to the above, the Licensee has the following duties to his/her Client if the Licensee has become an

119 agent or Designated Agent in a transaction:

120 1. Obey all lawful instructions of the Client when such instructions are within the scope of this agency agreement 121 between the Licensee and the Buyer/Client; and

122 2. Be loyal to the interests of the Client. A Licensee must place the interests of the Client before all others in

123 negotiation of a transaction and in other activities, except where such loyalty duty would violate Licensee's

124 duties to a customer in the transaction;

125 3. Unless the following duties are specifically and individually waived in writing by a Client, Licensee shall assist

126 the Client by:

127 A. Scheduling all property showings on behalf of the Client;

128 B. Receiving all offers and counter offers and forwarding them promptly to the Client;

129 C. Answering any questions that the Client may have in negotiation of a successful purchase within the scope 130 of the Licensee's expertise; and

131 D. Advising the Client as to whatever forms, procedures and steps are needed after execution of the purchase 132 agreement for a successful closing of the transaction.

133 Upon Waiver of any of the above duties listed under subparagraph 4.C.3., the Client may not expect or seek 134 assistance from any other licensees in the transaction for the performance of said duties.

135 D. Agent Disclosure. Pursuant to Tennessee Real Estate Commission Rule 1260-2-.36, Broker must disclose the 136 following to Client prior to the execution of this Agreement:

137 During the effective period of this Agreement:

138 1. Client should not contact listing agents directly and should make all arrangements to view and inspect 139 property through Broker;

140 2. In the event Client comes into contact with a Seller's Agent(s) (for example, at an open house viewing), 141 Client shall immediately inform the Seller's Agent(s) that he/she is represented by Broker; and

FF71 1110,

4.1 IL

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142 3. If Client purchases property(ies) covered by this Agreement through another real estate licensee or a 143 Seller's Agent(s) or directly from a Seller, Client understands that he/she still owes a commission to the 144 Broker as set forth in this Agreement.

145 E. Buyer's Authorizations. 146 1. Appointment of Designated Agent. Buyer hereby authorizes Managing Broker to appoint the Selling 147 Licensee as Designated Agent for the Buyer, to the exclusion of any other licensees associated with Broker. A 148 Designated Agent for the Buyer can and will continue to advocate Buyer's interests in a transaction even if a 149 Designated Agent for the Seller (other than the Licensee listed below) is also associated with Broker. The 150 Managing Broker hereby appoints to be 151 the Designated Agent for the Buyer in this transaction.

152 2. Appointment of Subsequent Designated Agent. Buyer hereby authorizes the Managing Broker, if necessary, 153 to appoint a licensee, other than the Licensee named above, as Designated Agent for the Buyer, to the exclusion 154 of any other licensees associated with Broker. This shall be accomplished through an amendment to this 155 Agreement, if necessary.

156 3. Default to Facilitator in the event that both parties are represented by the same Designated Agent. The 157 Designated Agent shall default to Facilitator status for all showings or transactions involving the same 158 Designated Agent for both the Buyer and a prospective Seller, immediately notifying (verbally) the Buyer and 159 the Seller of the need to default to this Facilitator status to be confirmed in writing prior to the execution of the 160 contract. Upon any default to Facilitator status, the former Designated Agent must assume a neutral position 161 and will not be an advocate for either the Buyer or any prospective Seller.

162 4. Resumption of Agency Status. In the event that the Designated Agent defaults to a Facilitator status, this 163 Facilitator status will only be temporary. The Facilitator status will only last until any transaction or 164 contemplated transaction in which the parties are all assisted by the same Facilitator is resolved (either because 165 the transaction is closed or the transaction or contemplated transaction is terminated or not accepted and no 166 further negotiations occur between the parties). At that time, the Agent will immediately revert back to 167 Designated Agency status for the Buyer.

168 5. CONFIDENTIALITY. 169 Information which the Buyer authorizes Broker and his affiliated Licensees to disclose which might otherwise be 170 confidential: 171

172 6. EARNEST MONEY. 173 Broker is authorized to accept a deposit of earnest money to be applied to the purchase price for a property. Such deposit 174 is to be held by Broker in an escrow account or forwarded to party authorized to hold said funds as set forth in an 175 executed contract for purchase, lease, exchange or option agreement until disbursed in accordance with the terms of said 176 agreement.

177 7. LIMITATIONS ON BROKER'S AUTHORITY AND RESPONSIBILITY. 178 Buyer acknowledges and agrees that Broker and Designated Agent:

179 A. May show the same properties to other prospective buyers;

180 B. Is not an expert with regard to matters that could be revealed through a survey, title search, or inspection; for the 181 condition of the property, any portion thereof, or any item therein; for any geological issues present on the property; 182 for any issues arising out of the failure to inspect property prior to entering into an agreement to Purchase property 183 and/or closing on property; for the necessity or cost of any repairs to property; hazardous or toxic materials; square 184 footage; acreage; the availability and cost of utilities, septic or community amenities; conditions existing off a 185 property which may affect said property; proposed or pending condemnation actions involving the property; uses 186 and zoning of a property, whether permitted or proposed; for applicable boundaries of school districts or other 187 school information; termites and wood destroying organisms; building products and construction techniques; the tax 188 or legal consequences of a contemplated transaction; matters relating to financing; for the appraised or future value 189 of a property; etc. Buyer acknowledges that Broker is not an expert with respect to the above matters and is hereby 190 advised to seek independent expert advice on any of these or other matters which are of concern to Buyer;

191 C. Shall owe no duties to Buyer nor have any authority to act on behalf of Buyer other than what is set forth in this 192 Agreement and the duties contained in the Tennessee Real Estate License Act of 1973, as amended and the 193 Tennessee Real Estate Commission Rules; and

Copyright 2013 Tennessee Association of Realtors° F3 — Exclusive Buyer Representation Agreement (Designated Agency), Page 4 of 6 Version 02/01/2014

194 D. May make all disclosures required by law and/or the National Association of Realtors® Code of Ethics.

195 8. EXPERT ASSISTANCE.

196 While Broker and the Licensees associated with Broker have considerable general knowledge, they are not experts in

197 matters of law, tax, financing, square footage, home inspections, wood destroying organisms, surveying, structural

198 conditions, geological issues, hazardous materials, engineering, etc. Client acknowledges Broker's advice to seek

199 professional assistance and advice in these and other areas of professional expertise as needed. Names or sources

200 provided to Client for such advice or assistance are not warranted or guaranteed by the Broker or the Licensees

201 associated with Broker.

202 9. OTHER PROVISIONS.

203 A. Binding Effect, Entire Agreement, Modification, and Assignment.

204 This Agreement shall be for the benefit of, and be binding upon, the parties hereto, their heirs, successors, legal

205 representatives and permitted assigns. This Agreement may only be assigned with the written consent of both

206 parties. This Agreement constitutes the sole and entire agreement between the parties hereto and no modification of

207 this Agreement shall be binding unless signed by all parties or assigns to this Agreement. No representation,

208 promise, or inducement not included in this Agreement shall be binding upon any party hereto. Any assignee shall

209 fulfill all the terms and conditions of this Agreement.

210 B. Governing Law and Venue. This Agreement is intended as a contract for buyer's agency representation and shall

211 be governed by and interpreted in accordance with the laws and in the courts of the state of Tennessee.

212 C. Terminology.

213 As the context may require in this Agreement: (1) the singular shall mean the plural and vice versa; (2) all pronouns

214 shall mean and include the person, entity, firm or corporation to which they relate; (3) the masculine shall mean the

215 feminine and vice versa; and (4) the term day(s) used throughout this Agreement shall be deemed to be calendar

216 day(s) ending at 11:59 p.m. local time unless otherwise specified in this Agreement. Local time shall be determined

217 by the location of the Firm. In the event a performance deadline occurs on a Saturday, Sunday or legal holiday,

218 the performance deadline shall extend to the next following business day. Holidays as used herein are those days

219 deemed federal holidays pursuant to 5 U.S.C. § 6103.

220 D. Severability. 221 If any portion or provision of this Agreement is held or adjudicated to be invalid or unenforceable for any reason,

222 each such portion or provision shall be severed from the remaining portions or provisions of this Agreement, and the

223 remaining portions or provisions shall be unaffected and remain in full force and effect.

224 E. Fair Housing.

225 Broker and Designated Agent shall provide services without regard to race, color, religion, sex, handicap, familial 226 status, national origin, sexual orientation or gender identity. A request to observe discriminatory practices in the 227 sale, lease, exchange, or option of property will not be granted.

228 10. LEGAL DOCUMENTS. THIS IS AN IMPORTANT LEGAL DOCUMENT CREATING VALUABLE 229 RIGHTS AND OBLIGATIONS. IF YOU HAVE QUESTIONS ABOUT IT, YOU SHOULD REVIEW IT

230 WITH YOUR ATTORNEY. NEITHER THE BROKER NOR ANY AGENT OR FACILITATOR IS 231 AUTHORIZED OR QUALIFIED TO GIVE YOU ANY ADVICE CONCERNING THE ADVISABILITY 232 OR LEGAL EFFECT OF ITS PROVISIONS. BY SIGNING THIS DOCUMENT, YOU ARE 233 CERTIFYING THAT YOU HAVE READ AND ACCEPT THESE TERMS AND ACKNOWLEDGE 234 RECEIPT OF THIS AGREEMENT.

235 11. EXHIBITS AND ADDENDA. All exhibits and/or addenda attached hereto, listed below, or referenced herein are 236 made a part of this Agreement.

237 238 239 240 241 242 243 244



BUYER BUYER

Print/Type Name

Print/Type Name

at o'clock o am/ ❑ pm at o'clock o am/ ❑ pm Date

Date

Address Address

Phone: (H) (Cell) Phone: (H) (Cell)

(W) Email: (W) Email:

245 246

247 12. SPECIAL STIPULATIONS. The following Special Stipulations, if conflicting with any preceding paragraph, shall 248 control:

249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267


BY: Broker or Licensee Authorized by Broker BROKER/FIRM

at o'clock o am/ ❑ pm Date

Address

Phone:

Fax: Print/Type Name

268

269 270

271 272

273 274

275

276 277 278 279

280 281

282 283

284

285



CONTRACT LANGUAGE FOR SPECIAL STIPULATIONS (Language to be inserted in Special Stipulations,

Addendum, or Amendment)

1 These special stipulation paragraphs are provided as examples of situations that may occur during real estate transactions.

2 They are listed here for your use to be inserted into the Agreement by using the Special Stipulations, an Addendum or an

3 Amendment.

4 1. ACCESS TO PUBLIC ROAD.

5 The Seller warrants that the subject property has the right of ingress and egress to and from road

6 without limitation by way of the existing driveway located at: 7 8 2. AGENT AS PRINCIPAL OR RELATIVE OF PRINCIPAL.

9 A. All parties acknowledge that is a duly licensed Real Estate Agent under the laws of

10 Tennessee and is acting as the

11 B. All parties acknowledge that is a duly licensed Real Estate Agent under the laws of Tennessee, (Buyer or Seller)

12 and is the of the and is acting as the agent of the (Relationship) (Buyer or Seller)

13 (Buyer or Seller)

14 C. All parties acknowledge that the Buyer/Agent intends to sell the Property at a future date for a profit.

15 3. AMENITY PACKAGE RELEASE. 16 In the event that the Property is served by a recreational amenity package either now existing or to be constructed, Buyer 17 acknowledges and represents that he has investigated the ownership and availability of such amenity package, and 18 hereby releases Broker and affiliated licensees from any responsibility or liability in regard thereto.

19 4. ASSESSMENTS OR LIENS. 20 The parties hereto are aware that there is a assessment or lien against the within described Property 21 in the amount of $ Said assessment or lien shall be paid by at the closing of this 22 sale.

23 5. PROPERTY EXCHANGE. 24 This Agreement and the Separate Agreement which is attached hereto, are intended to be Exchange Properties pursuant 25 to Internal Revenue Code § 1031. The parties agree that they will perform all necessary acts and that they will execute 26 all necessary documents to effectuate an Exchange of Properties under said Section. The parties anticipate that the 27 closings upon the properties which are the subject of this Agreement and the attached Agreement will be simultaneous.

28 6. NON-ASSIGNABILITY. 29 This Purchase and Sale Agreement shall not be assignable by the Buyer(s) without prior written consent of Seller(s).

30 7. CONTINGENCIES. 31 A. Appraisal. 32 This Agreement is contingent upon having Property appraised no later than and 33 paying for the appraisal. In the event the appraisal is not timely made, this contingency shall be deemed waived. 34 The Property must appraise for at least the amount set forth in the "Purchase Price" paragraph of the Agreement or 35 the Buyer may, at his option, on or before , terminate this Agreement with written 36 notice to Seller and all Earnest Money shall be refunded to Buyer in full, in which event all parties agree to execute 37 all applicable documentation. In the event Buyer fails to exercise this option, it shall be deemed waived.

38 B. Approval of Others. 39 This Agreement is contingent upon viewing and approving the above-described Property and, 40 if acceptable, Buyer notifying the Seller or Broker on or before . Should the Property

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41 be unacceptable to , Buyer shall provide written notice to Seller that Buyer is exercising his 42 right to terminate this Agreement and all Earnest Money will be refunded to Buyer in full, in which event all parties 43 agree to execute all applicable documentation. In the event this contingency is not removed by the date set above, 44 this contingency shall be deemed waived and the Agreement shall remain in full force and effect.

45 C. Bankruptcy Pending. 46 The parties herein acknowledge that they have been informed of bankruptcy proceedings in the United States 47 Bankruptcy Court, and that this Agreement is contingent upon a final judgment and decree authorizing the sale of 48 the Property. In the event that a final judgment sale authorization is not granted by , the 49 Buyer may terminate this Agreement with written notice to Seller with Earnest Money returned in full to Buyer, in 50 which event all parties agree to execute all applicable documentation.

51 D. Court Permission to Sell. 52 Seller's obligations under this Agreement are contingent upon approval or order of the appropriate court having 53 jurisdiction over the sale of the Property on or before . Seller shall proceed diligently 54 and in good faith, using all reasonable best efforts, at Seller's expense, to obtain said approval. In the event said 55 approval or order is not received by said date, the Agreement may be terminated by Buyer upon written notice to 56 Seller with Earnest Money returned in full to Buyer, in which event all parties agree to execute all applicable 57 documentation.

58 E. Divorce. 59 The parties herein acknowledge that they have been informed that the Sellers are involved in a divorce proceeding 60 and that this sale is contingent upon Sellers obtaining a final judgment and decree authorizing the sale of the 61 Property. In the event that a final judgment sale authorization is not granted by , either party may 62 terminate this Agreement upon written notice to other with Earnest Money returned in full to Buyer, in which event 63 all parties agree to execute all applicable documentation.

64 F. Not Contingent on Sale of Property. 65 Buyer warrants that this Agreement is not contingent upon the sale of current residence or any other property and 66 further states that failure to sell any of said properties will not be grounds for refund of Earnest Money in the event 67 of loan denial.

68 G. Is Contingent on Sale of Property. 69 This Agreement is contingent upon the sale and closing of the property located at

70 ("Buyer's Property") on or before the Closing Date of this 71 Agreement. If Buyer's Property does not close on or before the Closing Date of this Agreement, Buyer may 72 terminate this Agreement with written notice to Seller and with refund of Earnest Money to Buyer. Furthermore, 73 failure to sell and close on any of said properties shall be grounds for refund of Earnest Money to Buyer in the event 74 of loan denial. Upon termination of Agreement for the aforesaid failure to close, all Parties agree to execute all 75 applicable documentation.

76 H. Trade-in of Buyer's Property 77 This Agreement is contingent upon the Buyer and Seller reaching a mutually satisfactory trade-in agreement on the 78 Buyer's current Property located at , on or

79 before . In the event a mutually satisfactory agreement is not reached within the time stated 80 above, this Agreement may be terminated by either party upon written notice to the other with Earnest Money 81 returned in full to Buyer, in which event all parties agree to execute all applicable documentation.

82 I. Buyer Assumption of Loan. 83 1. Conventional Loan. 84 This sale is contingent upon Buyer assuming Seller's existing loan and Seller's existing indebtedness for 85 repayment of the loan and Lender's agreement to release Seller from liability thereon on Seller's property 86 as described herein. Buyer agrees to immediately apply and submit necessary information to Lender. If 87 Buyer has not received such approval and agreement from the Lender within days following the 88 Binding Agreement Date, or should Buyer fail to qualify, Seller shall have the option of waiving this 89 stipulation or to terminate this Agreement upon written notice to Buyer and all Earnest Money shall be 90 refunded in full to Buyer, in which event all parties agree to execute all applicable documentation.

91 2. FHA Loan. 92 This Agreement is contingent upon Buyer's ability to assume (a) the Seller's existing FHA loan, (b) the 93 Seller's liability to the Federal Housing Administration (FHA) for the repayment of the FHA loan, and (c) 94 FHA's agreement to release Seller from liability thereon on Seller's property as described herein. Buyer


95 agrees to apply immediately to FHA and submit necessary information. If Buyer has not received such

96 approval and agreement from FHA within days following the Binding Agreement Date, or should

97 Buyer fail to qualify to assume the Seller's liability, Seller has the option to waive this contingency or to

98 terminate this Agreement upon written notice to Buyer and Earnest Money shall be refunded in full to

99 Buyer, in which event all parties agree to execute all applicable documentation.

100 3. VA Loan.

101 This Agreement is contingent upon the Buyer's ability to assume the Seller's existing VA loan and to

102 assume the Seller's potential indemnity liability to the U.S. Government for the repayment of the loan and

103 the VA's agreement to release Seller from liability thereon. Buyer agrees to apply immediately to the VA

104 and submit any necessary documents and information required by VA. If the Buyer has not received such

105 approval and agreement from the VA within business days following the Binding Agreement Date,

106 or should the Buyer fail to qualify to assume the Seller's liability, Seller has the option to waive this

107 contingency or to terminate this Agreement upon written notice to Buyer and Earnest Money shall be

108 refunded in full to Buyer, in which event all parties agree to execute all applicable documentation.

109 J. Replacement House.

110 This contract is expressly conditional upon Sellers entering into a written contract to buy a replacement house on or

111 before

112 8. EARNEST MONEY. 113 A. Additional Earnest Money Held by Broker/Holder. 114 Buyer agrees to pay Holder additional Earnest Money in the principal amount of $ on or before 115 , making a total Earnest Money deposit of $ . In the event Buyer fails to pay 116 additional Earnest Money by said date, then, at the option of Seller (this option to be exercised within seven days of 117 said date), Seller may terminate this Agreement by written notification to Buyer and Broker at which time Buyer 118 shall be considered in default.

119 B. Held until Specific Time. 120 All parties to this Agreement acknowledge that the Earnest Money will not be deposited until

121 9. RECEIPT ACKNOWLEDGEMENT. 122 Receipt of this notice is hereby acknowledged this day of at o'clock m. 123 By:

124 10. RENT PRORATION. 125 All prepaid rents on said Property shall be prorated at the closing of the sale. The Seller represents that the monthly 126 rentals on said Property of $ will be current at the time of the closing, and that there will be no 127 expenses chargeable to the Seller except the taxes on said Property. The Seller shall pay to the Buyer all security and 128 damage deposits, if any, which have been paid to the Seller by any of the tenants. Buyer shall enter into an agreement to 129 hold the Seller harmless against such transfer of security or damage deposits. At the closing of the sale, the Seller shall 130 execute an affidavit which will verify the number of leases and tenancies then outstanding on the Property, the prepaid 131 rent as to each, and the amount of security deposits as to each.

132 11. SUPERSEDE PREVIOUS CONTRACT. 133 Upon signatures by all parties, this Agreement supersedes and makes null and void previous agreement accepted 134 (date), by and between the parties hereto.

135 12. THIRD PARTY AGREEMENT. 136 Seller herby reserves the right to assign this Agreement to (3rd Party) for closing and 137 payment of commission in accordance with the terms hereof.

138 13. ZONING. 139 A. Rezoning Contingency. 140 Buyer understands and agrees that Property is zoned and that the 141 improvements thereon may not meet zoning requirements. The Buyer's obligation hereunder is conditioned upon 142 the Property being rezoned to by the appropriate (County/City) 143 authorities by . The (Buyer/Seller) shall be 144 responsible for pursuing such rezoning and paying all affiliated cost. In the event that said rezoning is not obtained 145 by said date, then Buyer may terminate this Agreement upon written notice to Seller and all Earnest Money shall be 146 refunded to the Buyer. All rezoning applications shall be submitted to Seller for Seller's approval prior to filing, 147 which approval shall not be unreasonably withheld. All parties agree to cooperate, to sign the necessary 148 documentation and to support the rezoning application.

1110, 4.1 k


149 B. Homes converted to multifamily use where zoning for multifamily use may be questioned.

150 This Agreement is contingent upon Seller providing a letter from the city or county zoning authority stating that the

151 Property is presently zoned for multifamily use. Seller shall have two (2) weeks following the Binding Agreement

152 Date to present said letter to Buyer or Broker(s). Should the Seller not present the letter within the above-stated time

153 period, Buyer must, within forty-eight (48) hours past the time period, terminate this Agreement through written

154 notice to Seller or this contingency shall be removed as a condition of this Agreement. If Buyer elects to declare

155 this Agreement terminated, said declaration shall be on an Earnest Money Disbursement and Mutual Release form

156 or equivalent written notice with all Earnest Money being promptly refunded to Buyer. All parties agree to sign

157 promptly all documentation.

158 14. ADDITIONAL BUYER CONTINGENCIES.

159 Buyer at Buyer's cost shall have the right to review and accept the following:

160 a. A land survey and/or mortgage survey of the Property.

161 b. A determination that the Property is not located in an unacceptable flood hazard area and/or mortgage lender

162 does not require flood insurance.

163 c. All zoning regulations, restrictions, covenants, easements and other title matters of record.

164 d. Governmental approval of any existing waste disposal septic system and permit compliance, and/or

165 determination that the system is functioning properly.

166 e. Governmental approval of any existing non-public water system and permit compliance, and/or determination

167 that the system is functioning properly and the quality of water is acceptable.

168 If any of the above matters are unacceptable to Buyer, at Buyer's sole discretion Buyer may elect to terminate the

169 Purchase and Sale Agreement on or before the expiration of the above referenced Inspection Period by written notice to

170 Seller and shall be entitled to a refund of all Earnest Money. In the event that Buyer exercises Buyer's right to terminate

171 under one of these contingencies, Buyer shall, at Seller's request, furnish Seller or Seller's representative with

172 documents supporting Buyer's right to terminate.

173 15. SELLER EXPENSES.

174 A. Seller to Pay Closing Costs and Prepaids

175 Seller to pay % of the Purchase Price or pay $ towards Buyer's closing costs and prepaids.

176 16. CONDOMINIUM LEGAL DESCRIPTION.

177 Within five (5) days after the Binding Agreement Date, the Seller will complete the Condominium Legal Description or

178 Exhibit and provide it to the Buyer. The Condominium Legal Description or Exhibit will become a part of

179 the Agreement only when countersigned by the Buyer. If the Buyer does not accept the Condominium Legal Description

180 or Exhibit within ten (10) days after receipt thereof, then Buyer may terminate this Agreement upon written notice 181 to Seller and all Earnest Money shall be refunded to the Buyer.

182 17. RADON. 183 This offer is contingent upon the radon testing of (Property Address). 184 Property must have a test result of 4pCi/L or lower. If the Radon test shows a higher reading than 4pCi/L, 185 (Buyer/Seller) shall have a mitigation system installed at a cost not to exceed 186 $

187 18. SELLER RESERVES THE RIGHT TO SELL — EXCLUSIVE AGENCY AGREEMENT. 188 The Seller hereby reserves the right to sell Property and hereby converts this Agreement into an Exclusive Agency 189 Listing Agreement. If a Buyer is procured for the Property through the sole efforts of Seller acting alone, then Seller is 190 not required to pay Broker the compensation contained herein. However, in the event that the Buyer is obtained through 191 any efforts of Broker (included but not limited to any Broker advertising including but not limited to any internet 192 advertising, listing in the MLS, or traffic created by any signage put in place by Broker), then the aforementioned 193 compensation is due to Broker at closing.

194 19. FOREIGN CORPORATION THAT HAS MADE AN ELECTION UNDER IRC § 897(i). 195 Seller is a foreign corporation which has made, or will make, an election pursuant to Internal Revenue Code § 897(i) to 196 be treated as a domestic corporation for the purposes of taxation and FIRPTA. Seller is hereby notified to consult with 197 his closing attorney and/or tax planner to discuss the steps required for making such election. Seller further agrees to 198 submit all necessary documentation and/or affidavits to the Buyer's closing agent at or before closing to verify such 199 election or to comply with all laws and regulations concerning FIRPTA withholding.


200 20. RESIDENT ALIEN STATUS.

201 Seller is not a U.S. citizen and may be considered a resident alien. Seller is hereby notified to consult with his closing

202 attorney and/or tax professional immediately to determine whether he is subject to FIRPTA withholdings and what

203 documentation may be necessary at or before closing. Seller further agrees to submit all the necessary documentation

204 and/or withholdings at or before closing concerning FIRPTA withholdings to the buyer's closing agent. Seller agrees to

205 sign the appropriate affidavits certifying that he is not subject to FIRPTA withholdings and to provide all necessary

206 documentation requested at or before closing or to comply with all laws and regulations concerning FIRPTA

207 withholding.

208 21. DISCRIMINATION.

209 Firm (or Broker) shall not deny services to, nor discriminate against, any person on the basis of race, color, religion, sex,

210 handicap, familial status, national origin, sexual orientation, or gender identity and will not honor any request to do so.

211 22. ASSOCIATION FEES.

212 Seller Expenses. Seller shall pay all existing loans and/or liens affecting the Property, including all penalties, release

213 preparation costs, and applicable recording costs; any accrued and/or outstanding association dues or fees; fee (if any) to

214 obtain lien payoff/estoppel letters from any and all associations, mortgage holders or other liens affecting the Property;

215 Seller's closing fee, document preparation fee and/or attorney's fees; fee preparation of deed; and notary fee on deed.

216 Seller additionally agrees to permit any withholdings and/or to pay any additional sum due as is required under the

217 Foreign Investment Tax Act. Failure to do so will constitute a default by Seller.

218 Association Fees. Buyer shall be responsible for all homeowner or condominium association transfer fees, related

219 administration fees, capital expenditures/contributions incurred due to the transfer of the Property and/or like expenses

220 which are required by the association, property management company and/or the bylaws, declarations or covenants for

221 the Property (unless otherwise specifically addressed herein and/or unless specifically chargeable to Seller under

222 applicable bylaws and/or neighborhood covenants).

223 23. POST JUDGMENT INTEREST.

224 Judgment entered by any court based upon this Agreement shall bear interest at a rate of 10% or the highest rate of

225 interest provided by law, whichever is greater.

226 24. COMMITMENT LETTER.

227 Loan Obligations: The Buyer agrees and/or certifies as follows:

228 Within twenty (20) days after Binding Agreement Date, Buyer shall provide to Seller or Seller's representative a

229 conditional commitment letter from Buyer's Lender providing reasonable assurance of Buyer's ability to obtain the

230 financing contemplated by this Agreement. Said letter shall be in a form and substance acceptable to Seller at Seller's

231 reasonable discretion; however, a letter from Lender verifying the following shall be deemed acceptable:

232 a. An appraisal has been ordered;

233 b. Buyer has available funds to close;

234 c. Buyer's credit is acceptable to Lender; and

235 d. Buyer has employment or income necessary to obtain said loan.

236 Seller shall have the right to terminate this Agreement with written notice to Buyer if said letter is not timely received, in

237 which case Earnest Money shall be returned to Buyer.

238 25. REDUCTION IN PRICE IN LIEU OF REPAIRS.

239 In the event that a buyer wishes to waive repairs after he has submitted a list of items to be repaired or replaced, he may do

240 so. This could include a reduction of the purchase price, or an agreement for the seller to pay more prepaids and/or closing 241 costs. You would accomplish this through the use of an Amendment (F6). In that form, you would include:

242 1. Seller is not required to make any repairs to the Property.

243 2. Seller is to pay in closing costs or prepaids.

244 3. Sales price to be $

245 (or those items to which the parties agree.)



Seller/Buyer (Party making counter offer) DATE Seller/Buyer (Party making counter offer) DATE

COUNTER OFFER # 1 This is a Counter Offer from ❑ Seller to Buyer OR ❑ Buyer to Seller 2 The undersigned agree to and accept the Purchase and Sale Agreement with an offer date of 3 purchase of real property commonly known as: 4 5 Address, City, State, Zip 6 With the following exceptions: 7 8 9

10 11 12 13 14 15 16 17 18 19 20 21 22

23 ALL OTHER TERMS AND CONDITIONS OF THE ORIGINAL ATTACHED PURCHASE AND SALE 24 AGREEMENT ARE ACCEPTABLE TO THE UNDERSIGNED. ALL TERMS AND CONDITIONS PROPOSED 25 IN PREVIOUS COUNTER OFFERS, IF ANY, ARE NOT INCLUDED IN THIS COUNTER OFFER UNLESS 26 RESTATED HEREIN. 27 This Counter Offer form will not be a part of the Purchase and Sale Agreement and be binding until accepted and 28 signed by all parties. 29 Until notice of acceptance is delivered the subject Property is still on the market for sale, and this offer may be revoked at 30 any time with notice, and the Property may be sold to any other party.

31 Time Limit of Offer: This Offer may be withdrawn at any time before acceptance with notice. Offer terminates if not 32 accepted by o'clock ❑ am/ ❑ pm, local time, on the day of

for the

33 34

35

The undersigned has received and 36

❑ ACCEPTED this offer 37

❑ REJECTED this offer 38

❑ COUNTERED this offer with Counter Offer #

39 o'clock ❑ am/ ❑ pm; this day of

40 41 42

Seller/Buyer (Responding Party)

Seller/Buyer (Responding Party)

43 Binding Agreement Date. This instrument shall become a "Binding Agreement" on the date ("Binding Agreement Date") 44 the last offeror, or licensee of offeror, receives notice of offeree's acceptance. Notice of acceptance of the final offer was 45 received on the day of , at by 46 time name


Copyright 2010 © Tennessee Association of Realtors® F8 — Counter Offer, Page 1 of 1 Version 2/01/2014

PURCHASE AND SALE AGREEMENT

1 1. Purchase and Sale. For and in consideration of the mutual covenants herein and other good and valuable consideration,

2 the receipt and sufficiency of which is hereby acknowledged, the undersigned buyer

3 ("Buyer") agrees to buy and the

4 undersigned seller ("Seller")

5 agrees to sell all that tract or parcel of land, with such improvements as are located thereon, described as follows:

6 All that tract of land known as:

7 (Address) (City), Tennessee, (Zip), as recorded in

8 County Register of Deeds Office, deed book(s), page(s),

9 and/or instrument number and as further described as:

10 together with all

11 fixtures, landscaping, improvements, and appurtenances, all being hereinafter collectively referred to as the "Property."

12 A. INCLUDED as part of the Property (if present): all attached light fixtures and bulbs including ceiling fans;

13 permanently attached plate glass mirrors; heating, cooling, and plumbing fixtures and equipment; all doors, storm

14 doors and windows; all window treatments (e.g. shutters, blinds, shades, curtains, draperies) and hardware; all wall-

15 to-wall carpet; range; all built-in kitchen appliances; all bathroom fixtures and bathroom mirrors; all gas logs,

16 fireplace doors and attached screens; all security system components and controls; garage door opener and all (at

17 least ) remote controls; swimming pool and its equipment; awnings; permanently installed outdoor cooking

18 grills; all landscaping and all outdoor lighting; mailbox(es); attached basketball goals and backboards; TV mounting

19 brackets (but excluding flat screen TVs); antennae and satellite dishes (excluding components); and central vacuum

20 systems and attachments.

21 B. Other items that REMAIN with the Property at no additional cost to Buyer: 22 23

24 C. Items that WILL NOT REMAIN with the Property: 25 26

27 D. LEASED ITEMS: Leased items that remain with the Property: (e.g., security systems, water softener systems, fuel

28 tank, etc.):

29 Buyer shall assume any and all lease payments as of Closing. If leases are not assumable, the balance shall be paid

30 in full by Seller at or before Closing.

31 ❑ Buyer does not wish to assume a leased item. (THIS BOX MUST BE CHECKED IN ORDER FOR IT TO

32 BE A PART OF THIS AGREEMENT.)

33 Buyer does not wish to assume Seller's current lease of ; therefore, Seller

34 shall have said lease cancelled and leased items removed from Property prior to Closing.

35 E. FUEL: Fuel, if any, will be adjusted and charged to Buyer and credited to Seller at Closing at current market prices.

36 2. Purchase Price, Method of Payment and Closing Expenses. Buyer warrants that, except as may be otherwise

37 provided herein, Buyer will at Closing have sufficient cash to complete the purchase of the Property under the terms of

38 this Purchase and Sale Agreement (hereinafter "Agreement"). The purchase price to be paid is:

39 U.S. Dollars,

40 ("Purchase Price") which shall be disbursed at Buyer's expense and paid to Seller or Seller's Closing Agency in

41 immediately available funds in the form of one of the following:

42 i. a Federal Reserve Bank wire transfer;

43 ii, a Cashier's Check issued by a financial institution as defined in 12 CFR § 229.2(i);

44 iii. a check issued by the State of Tennessee or a political subdivision thereof;

45 iv. a check issued by an instrumentality of the United States organized and existing under the Farm Credit Act of

46 1971; OR

47 v. in other such form as is approved in writing by Seller.

48 A. Appraisal (Select either 1 or 2 below. The sections not checked are not a part of this Agreement).

49 ❑ 1. This Agreement IS NOT contingent upon the appraised value either equaling or exceeding the agreed upon

50 Purchase Price.

Copyright 2014 © Tennessee Association of Realtors® F9 — Purchase and Sale Agreement, Page 1 of 9 Version 02/01/2014

51 ❑ 2. This Agreement IS CONTINGENT upon the appraised value either equaling or exceeding the agreed

52 upon Purchase Price. If appraised value is equal to or exceeds Purchase Price, this contingency is satisfied.

53 If the appraised value of the Property does not equal or exceed the Purchase Price, Buyer may terminate

54 this Agreement by providing written notice to the Seller and providing written proof of the same (for

55 example, this written proof could include, but is not limited to, a copy of appraisal or a signed letter from

56 Lender) via the Notification form or equivalent written notice. Upon termination, Buyer is entitled to

57 refund of the Earnest Money.

58 B. Closing Costs and Discount Points.

59 1. Seller Expenses. Seller shall pay all existing loans and/or liens affecting the Property, including all penalties,

60 release preparation costs, and applicable recording costs; any accrued and/or outstanding association dues or

61 fees; fee (if any) to obtain lien payoff/estoppel letters from any and all associations, mortgage holders or other

62 liens affecting the Property; Seller's closing fee, document preparation fee and/or attorney's fees; fee for

63 preparation of deed; and notary fee on deed. Seller additionally agrees to permit any withholdings and/or to pay

64 any additional sum due as is required under the Foreign Investment in Real Property Tax Act. Failure to do so

65 will constitute a default by Seller.

66 In the event Seller is subject to Tax Withholding as required by the Foreign Investment in Real Property

67 Tax Act, (hereinafter "FIRPTA"), Seller additionally agrees that such Tax Withholding must be collected

68 from Seller by Buyer's Closing Agent at the time of Closing. In the event Seller is not subject to FIRPTA,

69 Seller shall be required as a condition of Closing to sign appropriate affidavits certifying that Seller is not

70 subject to FIRPTA. It is Seller's responsibility to seek independent tax advice or counsel prior to the Closing

71 Date regarding such tax matters.

72 2. Buyer Expenses. Buyer shall pay all transfer taxes and recording fees on deed of conveyance and deed of trust;

73 Buyer's closing fee, document preparation fee and/or attorney's fees; preparation of note, deed of trust, and

74 other loan documents; mortgage loan inspection or boundary line survey; credit report; required premiums for

75 private mortgage, hazard and flood insurance; required reserved deposits for insurance premiums and taxes;

76 prepaid interest; re-inspection fees pursuant to appraisal; insured Closing Protection Letter; association fees as

77 stated within paragraph 4.E.; and any costs incident to obtaining and closing a loan, including but not limited to:

78 appraisal, origination, discount points, application, commitment, underwriting, document review, courier,

79 assignment, photo, tax service and notary fees.

80 3. Title Expenses. Cost of title search or abstract, mortgagee's policy and owner's policy shall be paid as follows: 81

82 Buyer to receive benefit of simultaneous issue.

83 Not all of the above items are applicable to every transaction and may be modified as follows: 84 85

86 Closing Agency for Buyer:

87 Closing Agency for Seller:

88 Title Company:

89 or other Closing Agency as mutually agreed by Seller and Buyer.

90 C. Financial Contingency — Loan(s) To Be Obtained. This Agreement is conditioned upon Buyer's ability to obtain

91 a loan(s) in the principal amount up to % of the Purchase Price listed above to be secured by a deed of

92 trust on the Property. "Ability to obtain" as used herein means that Buyer is qualified to receive the loan described

93 herein based upon Lender's customary and standard underwriting criteria. In the event Buyer, having acted in good

94 faith and in accordance with the terms below, is unable to obtain financing, Buyer may terminate this Agreement by

95 providing written notice and a copy of Lender's loan denial letter via the Notification form or equivalent written

96 notice. Upon termination, Buyer is entitled to a refund of the Earnest Money. Lender is defined herein as the

97 financial institution funding the loan.

98 The loan shall be of the type selected below (Select the appropriate boxes. Unselected items will not be part of

99 this Agreement):

100 ❑ Conventional Loan ❑ FHA Loan; attach addendum

101 ❑ VA Loan; attach addendum ❑ Other

102 Buyer may apply for a loan with different terms and conditions and also Close the transaction provided all other 103 terms and conditions of this Agreement are fulfilled, and the new loan does not increase any costs charged to Seller. 104 Buyer shall be obligated to Close this transaction if Buyer has the ability to obtain a loan with terms as described 105 herein and/or any other loan for which Buyer has applied and been approved.

106 Loan Obligations: The Buyer agrees and/or certifies as follows:


107 (1) Within five (5) days after the Binding Agreement Date, Buyer shall make application for the loan. Buyer 108 shall immediately notify Seller or Seller's representative of having applied for the loan and provide 109 Lender's name and contact information, and that Buyer has instructed Lender to order credit report and 110 appraisal via the Notification form or equivalent written notice;

111 (2) Within fourteen (14) days after the Binding Agreement Date, Buyer shall warrant and represent to Seller 112 via the Notification form or equivalent written notice that

113 a. all required Lender deposits, including appraisal cost and credit report, have been paid as evidenced by

114 supporting documentation (e.g. cancelled check, receipt from Lender, letter from loan originator, etc.);

115 and

116 b. Buyer has available funds to Close per estimates of Lender / loan originator.

117 (3) Buyer shall pursue qualification for and approval of the loan diligently and in good faith;

118 (4) Buyer shall continually and immediately provide requested documentation to Lender and/or loan

119 originator;

120 (5) Unless otherwise stated in this Agreement, Buyer represents that this loan is not contingent upon the lease

121 or sale of any other real property and the same shall not be used as the basis for loan denial; and

122 (6) Buyer shall not intentionally make any material changes in Buyer's financial condition which would

123 adversely affect Buyer's ability to obtain the Primary Loan or any other loan referenced herein.

124 Should Buyer fail to timely comply with 2.C.(1) and/or 2.C.(2) above and provide notice as required, Seller may

125 make written demand for compliance via the Notification form or equivalent written notice. If Buyer does not

126 furnish Seller the requested documentation within two (2) days after such demand for compliance, Buyer shall be

127 considered in default and Seller's obligation to sell is terminated.

128 THIS BOX MUST BE CHECKED IN ORDER FOR IT TO BE A PART OF THIS AGREEMENT.

129 ❑ Financing Contingency Waived (e.g. "All Cash", etc.): Buyer's obligation to close shall not be subject to any

130 financial contingency. Buyer reserves the right to obtain a loan. Buyer will furnish proof of available funds to close

131 in the following manner (e.g. bank statement, Lender's commitment

132 letter) within five (5) days after Binding Agreement Date. Failure to Close due to lack of funds shall be considered

133 default by Buyer.

134 3. Earnest Money. Buyer has paid or will pay within days after the Binding Agreement Date to

135 (name of Holder) ("Holder")

136 located at (address of Holder), an

137 Earnest Money deposit of $ by check (OR

138 ("Earnest Money").

139 A. Failure to Receive Earnest Money. In the event Earnest Money is not timely received by Holder or Earnest

140 Money check or other instrument is not honored for any reason by the bank upon which it is drawn Holder shall

141 promptly notify Buyer and Seller of the Buyer's failure to deposit the agreed upon Earnest Money. Buyer shall then

142 have one (1) day to deliver Earnest Money in immediately available funds to Holder. In the event Buyer does not

143 deliver such funds, Seller shall have the right to terminate this Agreement by delivering to Buyer or Buyer's

144 representative written notice via the Notification form or equivalent written notice. In the event Buyer delivers the

145 Earnest Money in immediately available funds to Holder before Seller elects to terminate, Seller shall be deemed to

146 have waived his right to terminate, and the Agreement shall remain in full force and effect.

147 B. Handling of Earnest Money upon Receipt by Holder. Earnest Money is to be deposited promptly after the

148 Binding Agreement Date or the agreed upon delivery date in this Earnest Money paragraph or as specified in the

149 Special Stipulations paragraph contained at paragraph 18 herein. Holder shall disburse Earnest Money only as

150 follows:

151 (a) at Closing to be applied as a credit toward Buyer's Purchase Price;

152 (b) upon a written agreement signed by all parties having an interest in the funds;

153 (c) upon order of a court or arbitrator having jurisdiction over any dispute involving the Earnest Money;

154 (d) upon a reasonable interpretation of the Agreement; or

155 (e) upon the filing of an interpleader action with payment to be made to the clerk of the court having

156 jurisdiction over the matter.

157 Holder shall be reimbursed for, and may deduct from any funds interpleaded, its costs and expenses, including

158 reasonable attorney's fees. The prevailing party in the interpleader action shall be entitled to collect from the other

159 party the costs and expenses reimbursed to Holder. No party shall seek damages from Holder (nor shall Holder be

160 liable for the same) for any matter arising out of or related to the performance of Holder's duties under this Earnest


161 Money paragraph. Earnest Money shall not be disbursed prior to fourteen (14) days after deposit unless written 162 evidence of clearance by bank is provided.

163 4. Closing, Prorations, Special Assessments and Warranties Transfer. 164 A. Closing Date. This transaction shall be closed ("Closed") (evidenced by delivery of warranty deed and payment of 165 Purchase Price, the "Closing"), and this Agreement shall expire, at 11:59 p.m. local time on the day of 166 ("Closing Date"), or on such earlier date as may be agreed to by the 167 parties in writing. Such expiration does not extinguish a party's right to pursue remedies in the event of default. 168 Any extension of this date must be agreed to by the parties in writing via the Closing Date/Possession Date 169 Amendment or equivalent written agreement.

170 1. Possession. Possession of the Property is to be given (Select the appropriate boxes below. Unselected items 171 will not be part of this Agreement):

172 ❑ with delivery of warranty deed and payment of Purchase Price; 173 OR 174 ❑ on at o'clock ❑ am/ ❑ pm, local time;

175 ❑ Occupancy Agreement Attached.

176 B. Prorations. Real estate taxes, rents, dues, maintenance fees, and association fees on said Property for the calendar 177 year in which the sale is Closed shall be prorated as of the Closing Date. In the event of a change or reassessment of 178 taxes for the calendar year after Closing, the parties agree to pay their recalculated share. Real estate taxes, rents, 179 dues, maintenance fees, and association fees for prior years and roll back taxes, if any, will be paid by Seller.

180 C. Special Assessments. Special assessments approved or levied prior to the Closing Date shall be paid by the Seller 181 at or prior to Closing unless otherwise agreed as follows: 182

183 D. Warranties Transfer. Seller, at the option of Buyer and at Buyer's cost, agrees to transfer Seller's interest in any 184 manufacturer's warranties, service contracts, termite bond or treatment guarantee and/or similar warranties which by 185 their terms may be transferable to Buyer.

186 E. Association Fees. Buyer shall be responsible for all homeowner or condominium association transfer fees, related 187 administration fees, capital expenditures/contributions incurred due to the transfer of Property and/or like expenses 188 which are required by the association, property management company and/or the bylaws, declarations or covenants 189 for the Property (unless otherwise specifically addressed herein and/or unless specifically chargeable to Seller under 190 applicable bylaws, declarations, and/or neighborhood covenants).

191 5. Title and Conveyance. 192 A. Seller warrants that at the time of Closing, Seller will convey or cause to be conveyed to Buyer or Buyer's assign(s) 193 good and marketable title to said Property by general warranty deed, subject only to: 194 (1) zoning;

195 (2) setback requirements and general utility, sewer, and drainage easements of record on the Binding 196 Agreement Date upon which the improvements do not encroach;

197 (3) subdivision and/or condominium declarations, covenants, restrictions, and easements of record on the 198 Binding Agreement Date; and

199 (4) leases and other encumbrances specified in this Agreement.

200 If title examination, closing or loan survey pursuant to Tenn. Code Ann. § 62-18-126, boundary line survey, or other 201 information discloses material defects, Buyer may, at Buyer's discretion: 202 (1) accept the Property with the defects OR

203 (2) require Seller to remedy such defects prior to the Closing Date. Buyer shall provide Seller with written 204 notice of such defects via the Notification form or equivalent written notice. If defects are not remedied 205 prior to Closing Date, Buyer and Seller may elect to extend the Closing Date by mutual written agreement 206 evidenced by the Closing Date/Possession Amendment form or other written equivalent. If defects are not 207 remedied by the Closing Date or any mutually agreed upon extension thereof, this Agreement shall 208 terminate, and Buyer shall be entitled to refund of Earnest Money.

209 Good and marketable title as used herein shall mean title which a title insurance company licensed to do business in 210 Tennessee will insure at its regular rates, subject only to standard exceptions. The title search or abstract used for 211 the purpose of evidencing good and marketable title must be acceptable to the title insurance agent and the issuing 212 title insurance company. Seller agrees to execute such appropriate affidavits and instruments as may be required by 213 the issuing title insurance company.

214 B. Deed. Deed is to be made in the name of 215 The manner in which Buyer takes title determines ownership and survivorship rights. It is the Buyer's responsibility 216 to consult the closing agency or attorney prior to Closing.


217 6. Seller's Property Disclosure. Pursuant to the requirements of the Tennessee Residential Property Condition Disclosure

218 Act at Tenn. Code Ann. § 66-5-201, et seq. as amended, a Property Condition Disclosure Statement, Exemption, or if

219 Buyer waives Disclosure, a Disclaimer, has been or will be provided prior to the Binding Agreement Date.

220 7. Lead-Based Paint Disclosure (Select the appropriate box below. Items not selected are not part of this

221 Agreement).

222 ❑ does not apply. ❑ does apply (Property built prior to 1978 — see attached Lead-Based Paint Disclosure).

223 8. Inspections.

224 A. Buyer's Right to Make Inspection(s). All inspections/reports, including but not limited to the home inspection

225 report, those required/recommended in the home inspection report, Wood Destroying Insect Infestation

226 Inspection Report, septic inspection and well water test, are to be made at Buyer's expense, unless otherwise

227 stipulated in this Agreement. The parties hereto agree that in the event Buyer shall elect to contract with a third

228 party inspector to obtain a "Home Inspection" as defined by Tennessee law, said inspection shall be conducted by a

229 licensed Home Inspector. However, nothing in this paragraph shall preclude Buyer from conducting any inspections

230 on his/her own behalf, nor shall it preclude Buyer from retaining a qualified (and if required by law, licensed)

231 professional to conduct inspections of particular systems or issues within such professional's expertise or licensure,

232 including but not limited to inspection of the heating/cooling systems, electrical systems, foundation, etc., so long as

233 said professional is not in violation of Tenn. Code Ann. § 62-6-301, et seq. as may be amended. Seller shall cause

234 all utility services and any pool, spa, and similar items to be operational so that Buyer may complete all

235 inspections and tests under this Agreement. Buyer agrees to indemnify Seller from the acts of himself, his

236 inspectors and/or representatives in exercising his rights under this Purchase and Sale Agreement. Buyer's

237 obligations to indemnify Seller shall also survive the termination of this Agreement by either party, which shall

238 remain enforceable. Buyer waives any objections to matters of purely cosmetic nature (e.g. decorative, color or

239 finish items) disclosed by inspection. Buyer has no right to require repairs or alterations purely to meet

240 current building codes, unless required to do so by governmental authorities. In the event Buyer fails to timely

241 make such inspections and respond within said timeframe as described herein, the Buyer shall have forfeited any

242 rights provided under this Paragraph 8, and in such case shall accept the Property in its current condition,

243 normal wear and tear excepted.

244 B. Initial Inspections. Buyer and/or his inspectors/representatives shall have the right and responsibility to enter the

245 Property during normal business hours, for the purpose of making inspections and/or tests of the Property. Buyer

246 and/or his inspectors/representatives shall have the right to perform a visual analysis of the condition of the

247 Property, any reasonably accessible installed components, the operation of the Property's systems, including any

248 controls normally operated by Seller including the following components: heating systems, cooling systems,

249 electrical systems, plumbing systems, structural components, foundations, roof coverings, exterior and interior

250 components, any other site aspects that affect the Property, and environmental issues.

251 C. Wood Destroying Insect Infestation Inspection Report. If desired by Buyer or required by Buyer's Lender, it

252 shall be Buyer's responsibility to obtain at Buyer's expense a Wood Destroying Insect Infestation Inspection Report

253 (the "Report"), which shall be made by a Tennessee licensed and chartered pest control operator.

254 The foregoing expense may be subject to governmental guidelines relating to VA Loans (See VA/FHA Loan

255 Addendum if applicable).

256 The inspection shall include each dwelling, garage, and other permanent structure on the Property excluding

257 for evidence of active infestation and/or damage.

258 Buyer shall cause such Report to be delivered to Seller simultaneously with any repairs requested by the Buyer or

259 the end of the Inspection Period, whichever is earlier. If the Report indicates evidence of active infestation, Seller

260 agrees to treat infestation at Seller's expense and provide documentation of the treatment to Buyer prior to Closing.

261 Requests for repair of damage, if any, should be addressed in the Buyer's request for repairs pursuant to

262 Subparagraph 8.D., Buyer's Inspection and Resolution below.

263 D. Buyer's Inspection and Resolution. Within days after the Binding Agreement Date ("Inspection

264 Period"), Buyer shall cause to be conducted any inspection provided for herein, including but not limited to the

265 Wood Destroying Insect Infestation Inspection Report AND shall provide written notice of such to Seller as

266 described below. In said notice Buyer shall either:

267 (1) furnish Seller with a list of written specified objections and immediately terminate this Agreement via the

268 Notification form or equivalent written notice, provided Buyer has conducted a Home Inspection or other

269 inspection(s) as allowed herein, and in good faith discovers matters objectionable to Buyer within the scope

270 of such inspection(s). As additional consideration for Buyer's right to terminate, Buyer shall deliver to

271 Seller or Seller's representative, upon Seller's request, a copy of all inspection reports. All Earnest Money

272 shall be returned to Buyer upon termination.

273 OR


274 (2) accept the Property in its present "AS IS" condition with any and all faults and no warranties expressed or

275 implied via the Notification form or equivalent written notice. Seller has no obligation to make repairs.

276 OR

277 (3) furnish Seller a written list of items which Buyer requires to be repaired and/or replaced with like quality or

278 value in a professional and workmanlike manner. Seller shall have the right to request any supporting

279 documentation that substantiates any item listed.

280 a. Resolution Period. Seller and Buyer shall then have a period of days following receipt of

281 the above stated written list ("Resolution Period") to reach a mutual agreement as to the items to

282 be repaired or replaced with like quality or value by Seller, which shall be evidenced by the

283 Repair / Replacement Amendment or written equivalent(s). The parties agree to negotiate

284 repairs in good faith during the Resolution Period In the event Seller and Buyer do not reach a

285 mutual written resolution during such Resolution Period or a mutually agreeable written extension

286 thereof as evidenced in an Amendment to this Agreement signed by both parties within said period

287 of time, this Agreement is hereby terminated. If terminated, Buyer is entitled to a refund of the

288 Earnest Money.

289 ❑ E. Waiver of All Inspections. THIS BOX MUST BE CHECKED TO BE PART OF THIS AGREEMENT.

290 Buyer, having been advised of the benefits of inspections, waives any and all Inspection Rights under this

291 Paragraph 8 (including but not limited to the Wood Destroying Insect Infestation Inspection Report).

292 9. Final Inspection. Buyer and/or his inspectors/representatives shall have the right to conduct a final inspection of

293 Property no later than days prior to the Closing Date only to confirm Property is in the same or better condition

294 as it was on the Binding Agreement Date, normal wear and tear excepted, and to determine that all repairs/replacements

295 agreed to during the Resolution Period, if any, have been completed. Property shall remain in such condition until

296 Closing at Seller's expense. Closing of this sale constitutes acceptance of Property in its condition as of the time of

297 Closing, unless otherwise noted in writing.

298 10. Disclaimer. It is understood and agreed that the real estate firms and real estate licensee(s) representing or assisting

299 Seller and/or Buyer and their brokers (collectively referred to as "Brokers") are not parties to this Agreement and do not

300 have or assume liability for the performance or nonperformance of Seller or Buyer. Buyer and Seller agree that Brokers

301 shall not be responsible for any of the following, including but not limited to those matters which could have been

302 revealed through a survey, flood certification, title search or inspection of the Property; for the condition of the Property,

303 any portion thereof, or any item therein; for any geological issues present on the Property; for any issues arising out of

304 the failure to physically inspect Property prior to entering into this Agreement and/or Closing; for the necessity or cost of

305 any repairs to the Property; for hazardous or toxic materials; for the tax or legal consequences of this transaction; for the

306 availability, capability, and/or cost of utility, sewer, septic, or community amenities; for any proposed or pending

307 condemnation actions involving Property; for applicable boundaries of school districts or other school information; for

308 the appraised or future value of the Property; for square footage or acreage of the Property; for any condition(s) existing

309 off the Property which may affect the Property; for the terms, conditions, and availability of financing; and/or for the

310 uses and zoning of the Property whether permitted or proposed. Buyer and Seller acknowledge that Brokers are not

311 experts with respect to the above matters and that they have not relied upon any advice, representations or statements of

312 Brokers (including their firms and affiliated licensees) and waive and shall not assert any claims against Brokers

313 (including their firms and affiliated licensees) involving same. Buyer and Seller understand that it has been strongly

314 recommended that if any of these or any other matters concerning the Property are of concern to them, that they secure

315 the services of appropriately credentialed experts and professionals of Buyer's or Seller's choice for the independent

316 expert advice and counsel relative thereto.

317 11. Brokerage. As specified by separate agreement, Seller agrees to pay Listing Broker at Closing the agreed upon

318 compensation. The Listing Broker will direct the closing agency to pay the Selling Broker, from the compensation

319 received, an amount in accordance with the terms and provisions specified by separate agreement. The parties agree and

320 acknowledge that the Brokers involved in this transaction may receive compensation from more than one party. All 321 parties to this Agreement agree and acknowledge that any real estate firm involved in this transaction shall be deemed a

322 third party beneficiary only for the purposes of enforcing their commission rights, and as such, shall have the right to

323 maintain an action on this Agreement for any and all compensations due and any reasonable attorney's fees and court

324 costs.

325 12. Default. Should Buyer default hereunder, the Earnest Money shall be forfeited as damages to Seller and shall be applied

326 as a credit against Seller's damages. Seller may elect to sue, in contract or tort, for additional damages or specific

327 performance of the Agreement, or both. Should Seller default, Buyer's Earnest Money shall be refunded to Buyer. In 328 addition, Buyer may elect to sue, in contract or tort, for damages or specific performance of this Agreement, or both. In 329 the event that any party hereto shall file suit for breach or enforcement of this Agreement (including suits filed after

330 Closing which are based on or related to the Agreement), the prevailing party shall be entitled to recover all costs of such 331 enforcement, including reasonable attorney's fees.


332 13. Home Protection Plan. This is not a substitution for Home Inspection. Exclusions to coverage may apply. (Select the

333 appropriate box below. Items not selected are not part of this Agreement).

334 ❑ Home Protection Plan. to pay $ for the purchase of a limited home

335 protection plan to be funded at Closing. Plan Provider:

336 Ordered by: (Real Estate Company)

337 ❑ Home Protection Plan waived.

338 14. Other Provisions.

339 A. Binding Effect, Entire Agreement, Modification, Assignment, and Binding Agreement Date. This Agreement

340 shall be for the benefit of, and be binding upon, the parties hereto, their heirs, successors, legal representatives and

341 assigns. This Agreement constitutes the sole and entire agreement between the parties hereto and no modification of

342 this Agreement shall be binding unless signed by all parties or assigns to this Agreement. No representation,

343 promise, or inducement not included in this Agreement shall be binding upon any party hereto. It is hereby agreed

344 by both Buyer and Seller that any real estate agent working with or representing either party shall not have the

345 authority to bind the Buyer, Seller or any assignee to any contractual agreement unless specifically authorized in

346 writing within this Agreement. Any assignee shall fulfill all the terms and conditions of this Agreement. The

347 parties hereby authorize either licensee to insert the time and date of receipt of the notice of acceptance of the final

348 offer and further agree to be bound by such as the Binding Agreement Date following the signatory section of this

349 Agreement, or Counter Offer, if applicable.

350 B. Survival Clause. Any provision contained herein, which by its nature and effect is required to be performed after

351 Closing shall survive the Closing and delivery of the deed, and shall remain binding upon the parties to this

352 Agreement and shall be fully enforceable thereafter.

353 C. Governing Law and Venue. This Agreement is intended as a contract for the purchase and sale of real property

354 and shall be governed by and interpreted in accordance with the laws and in the courts of the State of Tennessee.

355 D. Time of Essence. Time is of the essence in this Agreement.

356 E. Terminology. As the context may require in this Agreement: (1) the singular shall mean the plural and vice versa;

357 (2) all pronouns shall mean and include the person, entity, firm or corporation to which they relate; (3) the masculine

358 shall mean the feminine and vice versa; and (4) the term day(s) used throughout this Agreement shall be deemed to

359 be calendar day(s) ending at 11:59 p.m. local time unless otherwise specified in this Agreement. Local time shall be

360 determined by the location of Property. In the event a performance deadline, other than the Closing Date

361 (paragraph 4), Date of Possession (paragraph 4), Completion of Repair Deadline (Repair/Replacement Amendment),

362 and Offer Expiration Date (paragraph 20), occurs on a Saturday, Sunday or legal holiday, the performance deadline

363 shall extend to the next following business day. Holidays as used herein are those days deemed federal holidays

364 pursuant to 5 U.S.C. § 6103. In calculating any time period under this Agreement, the commencement shall be the

365 day following the initial date (e.g. Binding Agreement Date).

366 F. Responsibility to Cooperate. Buyer and Seller agree to timely take such actions and produce, execute, and/or

367 deliver such information and documentation as is reasonably necessary to carry out the responsibilities and

368 obligations of this Agreement. Except as to matters which are occasioned by clerical errors or omissions or

369 erroneous information, the approval of the closing documents by the parties shall constitute their approval of any

370 differences between this Agreement and the Closing. Buyer and Seller agree that if requested after Closing, they 371 will correct any documents and pay any amounts due where such corrections or payments are appropriate by reason

372 of mistake, clerical errors or omissions, or the result of erroneous information.

373 G. Notices. Except as otherwise provided herein, all notices and demands required or permitted hereunder shall be in

374 writing and delivered either (1) in person; (2) by a prepaid overnight delivery service; (3) by facsimile transmission

375 (FAX); (4) by the United States Postal Service, postage prepaid, registered or certified, return receipt requested; or 376 (5) Email. NOTICE shall be deemed to have been given as of the date and time it is actually received. Receipt of 377 notice by the real estate licensee or their Broker assisting a party as a client or customer shall be deemed to be notice 378 to that party for all purposes under this Agreement as may be amended, unless otherwise provided in writing.

379 H. Risk of Loss. The risk of hazard or casualty loss or damage to Property shall be borne by the Seller until transfer of 380 title. If casualty loss prior to Closing exceeds 10% of the Purchase Price, Seller or Buyer may elect to terminate this 381 Agreement with a refund of Earnest Money to Buyer.

382 I. Equal Housing. This Property is being sold without regard to race, color, sex, religion, handicap, familial status, or 383 national origin.

384 J. Severability. If any portion or provision of this Agreement is held or adjudicated to be invalid or unenforceable for 385 any reason, each such portion or provision shall be severed from the remaining portions or provisions of this 386 Agreement, and the remaining portions or provisions shall be unaffected and remain in full force and effect.

387 K. Contract Construction. This Agreement or any uncertainty or ambiguity herein shall not be construed against any 388 party but shall be construed as if all parties to this Agreement jointly prepared this Agreement.

ri Ili 4.• • Copyright 2014 © Tennessee Association of Realtors® F9 — Purchase and Sale Agreement, Page 7 of 9 Version 02/01/2014

389 L. Other. In further consideration of Buyer's right to legally, properly and in good faith invoke a right to terminate 390 this Agreement pursuant to any specific Buyer contingency as stated herein, Buyer agrees, upon Seller's request, to 391 provide Seller or Seller's representative with copies of any supporting documentation which supports Buyer's right 392 to exercise said contingency, the sufficiency and adequacy of said additional consideration being acknowledged. 393 Any such supporting documents shall be provided for Seller's benefit only and Seller shall not disseminate the same 394 to third parties. However, Buyer shall not be required to provide any documents to Seller in violation of any 395 confidentiality agreement or copyright protection laws, if applicable.

396 15. Buyer's Additional Due Diligence. If any of the matters below are of concern to Buyer, Buyer should address the 397 concern by specific contingency in the Special Stipulations Paragraph of this Agreement. 398 A. Survey and Flood Certification. Survey Work and Flood Certifications are the best means of identifying boundary 399 lines and/or encroachments and easements or flood zone classifications. Buyer may obtain a Mortgage Inspection or 400 Boundary Line Survey and Flood Zone Certifications.

401 B. Water Supply. The system may or may not meet state and local requirements. It is the right and responsibility of 402 Buyer to determine the compliance of the system with state and local requirements. [For additional information on 403 this subject, request the "Water Supply and Waste Disposal Notification" form.]

404 C. Waste Disposal. The system may or may not meet state and local requirements. It is the right and responsibility of 405 Buyer to determine the compliance of the system with state and local requirements. In addition, Buyer may, for a 406 fee, obtain a septic system inspection letter from the Tennessee Department of Environment and Conservation, 407 Division of Ground Water Protection. [For additional information on this subject, request the "Water Supply and 408 Waste Disposal Notification" form.]

409 D. Title Exceptions. At Closing, the general warranty deed will be subject to subdivision and/or condominium 410 declarations, covenants, restrictions and easements of record, which may impose obligations and may limit the use 411 of the Property by Buyer.

412 16. Seller's Additional Obligations. If Seller has any knowledge of an exterior injection well and/or a percolation test or 413 soil absorption rate on the Property, Seller shall be obligated to counter this offer by disclosure of the existence of the 414 above including any tests and reports unless disclosure has already been received and acknowledged in writing by Buyer. 415 Seller shall also disclose in the same manner whether any single family residence located on the Property has been 416 moved from an existing foundation to another foundation where such information is known to the Seller. Seller shall 417 also be obligated to counter this offer to disclose if the Property is located in a Planned Unit Development (PUD) as 418 defined pursuant to Tenn. Code Ann. § 66-5-213 unless said disclosure has already been received in writing and 419 acknowledged by Buyer. If the Property is in a PUD, Seller agrees to make available copies of the development's 420 restrictive covenants, homeowner bylaws, and master deed to Buyer upon request.

421 17. Exhibits and Addenda. All exhibits and/or addenda attached hereto, listed below, or referenced herein are made a part 422 of this Agreement: 423 424 425 426 427 428

429 18. Special Stipulations. The following Special Stipulations, if conflicting with any preceding paragraph, shall control: 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446

Copyright 2014 © Tennessee Association of Realtors® F9 — Purchase and Sale Agreement, Pages of 9 Version 02/01/2014

at at 463 464 Offer Date Offer Date

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Seller hereby:

❑ ACCEPTS — accepts this offer.

❑ COUNTERS — accepts this offer subject to the attached Counter Offer(s).

❑ REJECTS this offer and makes no counter offer.

SELLER SELLER

at o'clock ❑ am/ ❑ pm at o'clock ❑ am/ ❑ pm Date Date

447 19. Method of Execution. The parties agree that signatures and initials transmitted by facsimile, other photocopy 448 transmittal, or by transmittal of digital signature as defined by the applicable State or Federal law will be acceptable and 449 may be treated as originals and that the final Purchase and Sale Agreement containing all signatures and initials may be 450 executed partially by original signature and partially on facsimile, other photocopy documents, or by digital signature as 451 defined by the applicable State or Federal law.

452 20. Time Limit of Offer. This Offer may be withdrawn at any time before acceptance with Notice. Offer terminates if not 453 countered or accepted by o'clock ❑ a.m./ ❑ p.m.; on the day of

454 LEGAL DOCUMENTS: This is an important legal document creating valuable rights and obligations. If you have 455 any questions about it, you should review it with your attorney. Neither the Broker nor any Agent or Facilitator is 456 authorized or qualified to give you any advice about the advisability or legal effect of its provisions.

457 NOTE: Any provisions of this Agreement which are preceded by a box "o" must be marked to be a part of this 458 Agreement. By affixing your signature below, you also acknowledge that you have reviewed each page and have 459 received a copy of this Agreement.

460

462

Buyer hereby makes this offer.

BUYER BUYER 461

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466

467

468

469 470

471 472

473 Binding Agreement Date. This instrument shall become a "Binding Agreement" on the date ("Binding Agreement Date") 474 the last offeror, or licensee of the offeror, receives notice of offeree's acceptance.

475 Notice of acceptance of the final offer was received on the day of

at ❑ am/ ❑ pm

476 by (Name).

For Information Purposes Only:

Listing Company Selling Company

Independent Licensee Independent Licensee

Licensee Email Licensee Email


r• I • 4: Copyright 2014 © Tennessee Association of Realtors® F9 — Purchase and Sale Agreement, Page 9 of 9 Version 02/01/2014

VA / FHA LOAN ADDENDUM

1 Property Address: 2 Buyer: 3 Seller:

4 This VA/FHA LOAN ADDENDUM (hereinafter "Addendum"), between the undersigned Seller and Buyer is entered into 5 and is effective as of the Binding Agreement Date provided in the Purchase and Sale Agreement for the purpose of changing, 6 deleting, supplementing or adding terms to said Purchase and Sale Agreement. In consideration of the mutual covenants 7 herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties 8 agree as follows:

9 1. APPRAISED VALUE. It is expressly agreed that, notwithstanding any other provisions of this contract, the Buyer

10 shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of

11 earnest money deposits or otherwise unless the Buyer has been given, in accordance with HUD/FHA or VA

12 requirements, a written statement by the Federal Housing Commissioner or Veterans Administration, or a Direct

13 Endorsement Lender setting forth the appraised value of the Property of not less than $ . The Buyer

14 shall, however, have the privilege and option of proceeding with consummation of the contract without regard to the

15 amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the

16 Department of Housing and Urban Development will insure (FHA), or that the Veteran's Administration (VA) will

17 guarantee.

18 2. PROPERTY VALUE AND CONDITION. HUD does not warrant the value nor the condition of the Property. The

19 Buyer should satisfy himself that the price and condition of the Property are acceptable.

20 3. HOME INSPECTION. It is important for Buyer to have a home inspection performed on the Property he wishes to

21 purchase in order to identify any possible defects. Names of home inspection companies can be found in the yellow

22 pages of the local telephone directory under the heading "Home Inspection Services." See Form F48, "FOR YOUR

23 PROTECTION, GET A HOME INSPECTION."

24 4. FUNDING FEE. If applicable, the VA Funding fee shall be paid as follows:

25 ❑ A. in full at closing by

26 ❑ B. added to the loan amount and financed. (If checked, then the term "loan amount" as used herein shall mean the

27 amount set forth in the Purchase and Sale Agreement plus the VA funding fee so financed; the monthly payments

28 will increase accordingly.)

29 5. NEW CONSTRUCTION HOME WARRANTY. If the improvements on the Property are less than one year old at the

30 time of closing, Seller shall, if required by VA/FHA, provide a home warranty certificate acceptable to VA/FHA.

31 6. PUBLIC WATER OR PUBLIC SEWER SYSTEMS. As required by VA/FHA, both the Buyer and Seller agree that

32 if public water or a public sewer system is available at the street, the Property must be connected. If available and

33 Property is not connected, select one:

34 ❑ A. agrees to pay the cost of said connection not to exceed $

35 ❑ B. Buyer to pay $ and Seller to pay $ for the cost of connection.

36 CERTIFICATION. At the time of Closing shall provide certification, from the proper authority,

37 that the Property is connected to and serviced by the public system.

38 7. WOOD DESTROYING INSECT INFESTATION REPORT. In the case of a VA Loan, the Report is deemed to be a

39 non-allowable expense under VA regulations and shall not be a Buyer expense. Therefore, Seller agrees to pay at or

40 before Closing the cost of such Report on behalf of Buyer. All other obligations concerning the Report, repairs, and

41 treatment shall remain as agreed upon in the Purchase and Sale Agreement.

Copyright 2013 © Tennessee Association of Realtors° F47 — VA / FHA Loan Addendum, Page 1 of 2 Version 02/01/2014

at at 61 62 Date Date

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BUYER BUYER 59 60

REAL ESTATE BROKER FOR BUYER FIRM 70 71

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42 8. NON-ALLOWABLE SETTLEMENT CHARGES OR CLOSING COSTS. In the event of settlement charges or 43 closing costs at time of closing which are deemed to be non-allowable and not chargeable to the Buyer pursuant to the 44 governmental guidelines, Seller agrees to pay at closing (evidenced by delivery of warranty deed and payment of 45 purchase price) such non-allowable settlement charges or closing costs on behalf of Buyer at a sum not to exceed 46 . Such sum shall be a part of the amount if any, which Seller has agreed to pay on behalf of Buyer 47 in the Purchase and Sale Agreement or prior Addenda.

48 This Addendum is made a part of the Purchase and Sale Agreement as if quoted therein verbatim. Should the terms of this 49 Addendum conflict with the terms of the Purchase and Sale Agreement or other documents executed prior to or simultaneous 50 to the execution of this Addendum, the terms of this Addendum shall control, and the conflicting terms are hereby considered 51 deleted and expressly waived by both Seller and Buyer. In all other respects, the Purchase and Sale Agreement shall remain 52 in full force and effect.

53 PURCHASE AND SALE AGREEMENT CERTIFICATION. "We hereby certify that the terms of the (this) Sales 54 Contract are true and, to the best of our knowledge and belief, that there are no side agreements not disclosed within or by an 55 attached addendum between the BUYER, the SELLER, or REAL ESTATE BROKER." The parties agree that the Real 56 Estate Broker's signature(s) on this document is for certification purposes only as required and does not make either said 57 Real Estate Broker a party to the Purchase and Sale Agreement.

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64 65

SELLER

SELLER

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NOTE: This form is provided by TAR to its members for their use in real estate transactions and is to be used as is. By downloading and/or using this form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agree and acknowledge that any such alteration, amendment or edit of said form is done at your own risk. Use of the TAR logo in conjunction with any form other than standardized forms created by TAR is strictly prohibited. This form is subject to periodic revision and it is the Yesponsibility of the member to use the most recent available form.


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BUYER BUYER 29 30

33


SELLER SELLER 34 35

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Date

Date

Copyright 1998 Tennessee Association of Realtors° F25 — Personal Property Agreement, Page 1 of 1 Version 02/01/2014

PERSONAL PROPERTY AGREEMENT (BILL OF SALE)

1 State of , County of Date: 2 For and in consideration of the sum of One Dollar ($1.00) to me in hand paid, receipt of which is hereby acknowledged, I 3 agree to sell to the undersigned Buyer the following personal property hereinafter described: 4 PERSONAL PROPERTY

Item Description

Price

TOTAL

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16 17 18 19 20 21 22 23 24

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1. This Bill of Sale shall become operative only upon the consummation of the Purchase and Sale Agreement, with an Offer Date of covering the Real Property located at:

I hereby warrant and represent that such personal property shall be delivered to Buyer undamaged and in the same condition as when purchased, normal wear and tear excepted. Buyer shall then have all rights and title to the property and such rights shall inure to his or her respective executors, administrators, heirs or assigns. If for any reason whatsoever, the Purchase and Sale Agreement is not consummated, then this Bill of Sale covering personal property herein described shall be null and void and the consideration paid for this Bill of Sale shall be returned to the undersigned Buyer.

2. Seller warrants that he/she is the lawful owner of the personal property and states the personal property is free from all liens and encumbrances of any kind whatsoever. Seller further warrants that he/she has the right to sell the personal property and will warrant and defend the right against the lawful claims and demands of all persons.


NOTIFICATION

1 This is NOTIFICATION from the o Seller (Notifying Party) to Buyer OR o Buyer (Notifying Party) to Seller.

2 This NOTICE is hereby tendered in accordance with the provisions of that certain Purchase and Sale Agreement made

3 between the parties below with a Binding Agreement Date of , for the purchase and sale of

4 real property located at:

5 CHECK THE BOX(ES) THAT APPLY:

6 ❑ 1. Appraised value did not equal or exceed the Purchase Price. Buyer is exercising the right to terminate and

7 hereby requests refund of Earnest Money. See a copy

8 of proof that appraised value did not equal or exceed Purchase Price (for example, this written proof could

9 include, but is not limited to, a copy of appraisal or a signed letter from Lender).

10 ❑ 2. Having acted in good faith, Buyer is unable to obtain fmancing and is exercising the right to terminate and

11 hereby requests refund of Earnest Money. See attached Lender's loan denial letter.

12 ❑ 3. Buyer has made application for loan and is notifying Seller and/or Seller's Representative of the name and

13 contact information of the Lender. Buyer has also instructed Lender to order appraisal and credit report.

14 Lender's name and contact information is:

15 16

17 ❑ 4. Buyer has changed lenders and is notifying Seller that the new Lender's name and contact information is:

18 19

20 ❑ 5. This is Seller's written demand for Buyer to provide the name and contact information of the Lender and 21 that Buyer has instructed Lender to order appraisal and credit report.

22 ❑ 6. Buyer warrants and represents the following:

23 ❑ all required Lender deposits, including appraisal cost and credit report, have been paid and Buyer has 24 provided the attached supporting documentation (e.g. cancelled check, receipt from Lender, letter from 25 loan originator, etc.); and/or

26 ❑ Buyer has available funds to close per Lender and/or loan originator estimates (e.g. the Good Faith 27 Estimate).

28 ❑ 7. This is Seller's written demand for Buyer to provide the following warranties and representations:

29 ❑ all required Lender deposits, including appraisal cost and credit report, have been paid and to provide the 30 attached supporting documentation (e.g. cancelled check, receipt from Lender, letter from loan originator, 31 etc.);

32 ❑ Buyer has available funds to close per Lender and/or loan originator estimates (e.g. the Good Faith 33 Estimate).

34 ❑ 8. Buyer is furnishing proof of available funds in the following manner: 35 . Documentation attached.

36 ❑ 9. Holder has advised that the Earnest Money Check or other instrument has been dishonored. Buyer has 37 failed to timely deliver immediately available funds following notice by Holder. Seller is hereby exercising 38 his right to terminate Agreement.

Copyright 2014 © Tennessee Association of Realtors® F26 — Notification, Page 1 of 2 Version 1/01/2014

Copyright 2014 © Tennessee Association of Realtors F26 — Notification, Page 2 of 2 Version 1/01/2014

39 ❑ 10. Holder has advised that the Earnest Money has not been timely received as required pursuant to the Earnest 40 Money paragraph. Buyer has failed to timely deliver immediately available funds following notice by 41 Holder. Seller is hereby exercising his right to terminate Agreement.

42 ❑ 11. Title examination, closing or loan survey pursuant to Tenn. Code Ann. § 62-18-126, 43 boundary line survey, or other information has disclosed the following material defects:

44 45 46 47

48 and Buyer is requiring Seller to remedy such defects prior to the Closing Date. 49 Documentation attached.

50 ❑ 12. Material defects disclosed from title examination, closing or loan survey pursuant to Tenn. Code 51 Ann. § 62-18-126, boundary line survey, or other information have not been remedied prior to the Closing 52 Date or any extension thereof resulting in the termination of the Purchase and Sale Agreement. Buyer is 53 hereby requesting refund of Earnest Money..

54 ❑ 13. Buyer has made any and all inspections available under the Inspection section of the Purchase and Sale 55 Agreement and is exercising Buyer's right to immediately TERMINATE the Purchase and Sale Agreement 56 with all Earnest Money refunded to Buyer. This Notification hereby serves as NOTICE OF 57 TERMNATION of the Purchase and Sale Agreement and WRITTEN DEMAND FOR 58 DISTRIBUTION OF EARNEST MONEY to the Buyer. Buyer is hereby providing a list of written 59 specified objections which Buyer has discovered in good faith. As additional consideration for Buyer's 60 right to terminate, Buyer shall deliver to Seller or Seller's representative, upon Seller's request, a copy of all 61 inspection reports pursuant to the Agreement.

62 LIST OF SPECIFIED OBJECTIONS: 63 64

65 ❑ 14. Buyer has made any and all inspections available under the Inspection section of the Purchase and Sale 66 Agreement and ACCEPTS the Property in its present AS IS condition with any and all faults and no 67 warranties expressed or implied. Seller has no obligation to make repairs. However, Buyer has not waived 68 their rights under the Final Inspection paragraph of the Purchase and Sale Agreement;

69 ❑ 15. Buyer WAIVES any and all inspection contingencies available under the Inspection section of the 70 Purchase and Sale Agreement except as to the Final Inspection section of the Purchase and Sale Agreement.

71 ❑ 16. OTHER: 72 73 74

75 76 77 78

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NOTIFYING PARTY (Buyer/Seller Signature) NOTIFYING PARTY (Buyer/Seller Signature)

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33 34

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Party Proposing Repairs

at Date

Party Proposing Repairs

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Copyright 2014 © Tennessee Association of Realtors® F4 - Repair / Replacement Proposal, Page 1 of 1 Version 02/01/2014

REPAIR / REPLACEMENT PROPOSAL

NOTE: This form is for information and/or negotiation purposes only and IS NOT TO BE INCLUDED as part of the Purchase and Sale Agreement. Neither party shall be bound until there is a separate mutual written agreement executed by all parties. The Repair/Replacement Amendment may be used for purposes of the mutual written agreement on repairs/replacements.

1 Buyer has made any and all inspections available under the Inspection section of the Purchase and Sale Agreement with a 2 Binding Agreement Date of ("Agreement") for the purchase of the real property commonly known as: 3

4 The parties hereby understand that they are required to negotiate repairs in good faith during the Resolution Period as set 5 forth in the Agreement. Good faith negotiation includes but is not limited to timely communicating one's position during the 6 Resolution Period regarding any proposed repairs and/or replacements. The undersigned hereby proposes that the following 7 written list of items be repaired and/or replaced with like quality or value in a professional and workmanlike manner. Upon 8 request, either party shall submit a copy of any supporting documentation or any portion thereof substantiating any item 9 listed.

10 LIST OF ITEMS TO BE REPAIRED AND/OR REPLACED (Please be specific about whether the items are to be 11 repaired or replaced):

12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

29 The above matters will be completed by Seller days prior to Closing, as defined in the Agreement (the "Completion of 30 Repairs Deadline"). Buyer and/or buyer's inspectors or representatives shall have the right to re-inspect at that time to 31 confirm that such matters have been repaired and/or replaced in a professional and workmanlike manner. Such inspection 32 shall not limit Buyer's right to conduct a Final Inspection as provided for in paragraph 9 of the Agreement.



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BUYER BUYER 37 38

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SELLER SELLER 42 43

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Date

Date

REPAIR / REPLACEMENT AMENDMENT

1 In consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of 2 which is hereby acknowledged, the parties enter into this Repair / Replacement Amendment for purposes of amending the 3 Purchase and Sale Agreement with a Binding Agreement Date of ("Agreement") for the purchase 4 and sale of the real property commonly known as: 5

6 The Seller shall cause the following items to be replaced or repaired with like quality or value in a professional and 7 workmanlike manner as the parties hereinafter agree. (Please be specific as to whether the items are to be repaired or 8 replaced):

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 -24 25 26 27 28 29 30 Seller agrees to complete the above matters days prior to Closing as provided in the Agreement ("Completion of 31 Repairs Deadline") at which time Buyer and/or Buyer's inspectors or representatives shall have the right to re-inspect to 32 confirm that such matters have been completed. Such inspection shall not limit Buyer's right to conduct a Final Inspection as 33 provided for in paragraph 9 of the Agreement.

34 It is agreed by the parties hereto that all of the other terms and conditions of the aforementioned Agreement shall remain in 35 full force and effect other than as specifically modified herein.


Copyright 2014 © Tennessee Association of Realtors® F5 — Repair / Replacement Amendment, Page 1 of 1 Version 02/01/2014

EARNEST MONEY DISBURSEMENT AND MUTUAL RELEASE OF PURCHASE AND SALE AGREEMENT

1 Buyer:

2 Seller:

3 Property:

4 Earnest Money Amount: ($

5 Holder of Earnest Money:

6 Buyer(s) shall release Seller(s) from all terms of a certain Purchase and Sale Agreement, with a Binding Agreement Date of

7 , ("Agreement"), and said Seller(s) agree to release Buyer(s) from all terms of the

8 Agreement. Further, both Seller(s) and Buyer(s) do hereby agree to the cancellation and termination of said Agreement and

9 that in consideration of mutual promises and conditions herein contained, the receipt and sufficiency of which is hereby

10 acknowledged, Buyer(s), Seller(s) and Broker(s) (including all Licensees connected herewith) do hereby jointly and severally

11 release one another from all claims of every kind and character arising from or connected with the foregoing Agreement on

12 the above Property. If applicable, Buyer(s) have provided Seller(s) with any requested documentation which supports

13 Buyer's right to terminate pursuant to any specific Buyer's contingency contained within the Agreement. This Release shall

14 be binding upon and shall be effective for the benefit of any successors, heirs, and/or assignees of all parties.

15 EARNEST MONEY IS BEING DISBURSED AS FOLLOWS ("Check any that apply"):

16 ❑ 1. Forfeited by Buyer(s) and paid to Seller(s) as defined in the Purchase and Sale Agreement.

17 ❑ 2. Returned to Buyer(s) for the following reason(s):

18 ❑ a. unable to obtain financing as per Purchase and Sale Agreement — Lender's loan denial letter attached.

19 ❑ b. did not remove contingency upon notice of second acceptable Purchase and Sale Agreement pursuant to the

20 Seller's Right to Continue to Market Property Addendum.

21 ❑ c. Seller unable to provide good title.

22 ❑ d. Purchase and Sale Agreement contingency pertaining to was not satisfied.

23 ❑ e. inspection contingencies.

24 ❑ f. other:

25 ❑ 3. Split between the parties in the following manner:

26 Name: Amount: $

27 Name: Amount: $

28 Name: Amount: $

29 Name: Amount: $

Copyright 2002 © Tennessee Association of Realtors® F30 — Earnest Money Disbursement and Mutual Release of Purchase and Sale Agreement, Page 1 of 2 Version 02/01/2014

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BUYER

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Date

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BUYER

Date at

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SELLER

Date

Date



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SELLER

Date

Managing Broker — Listing Firm

30 ❑ 4. Other:

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32 LEGAL DOCUMENTS: This is an important legal document creating valuable rights and obligations. If you have questions 33 about it, you should review it with your attorney. Neither the Broker nor any Agent or Facilitator is authorized or qualified to 34 give you any advice about the advisability or legal effect of its provisions. By signing this document, you are certifying that 35 you have read and accept these terms and acknowledge receipt of a copy of this Release.

36 This Release shall become binding when signed by all parties.

The party(ies) below have signed and acknowledge receipt of a copy. 37

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52 DISBURSEMENT AUTHORIZED BY HOLDER: 53

54 DATE:

Holder Signature

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Copyright 2002© Tennessee Association of Realtors® F30 — Earnest Money Disbursement and Mutual Release of Purchase and Sale Agreement, Page 2 of 2 Version 02/01/2014


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BUYER BUYER 23 24

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SELLER

SELLER

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Date

Date

CLOSING DATE / POSSESSION DATE AMENDMENT #

1 Buyer:

2 Seller:

3 Property:

4 In consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of

5 which is hereby acknowledged, the parties agree to amend that certain Purchase and Sale Agreement with a Binding

6 Agreement Date of and any incorporated addenda, exhibits or prior amendments (collectively referred

7 to herein as "Agreement") for the purchase and sale of real property specified above as follows:

8 The section not marked is not part of this Amendment.

9 ❑ A. Closing Date: This transaction shall be Closed (evidenced by delivery of warranty deed and payment of purchase

10 price), and this Agreement shall expire, at 11:59 p.m., local time, on the day of

11 , or on such earlier date as may be agreed to by the parties in writing. Such expiration does not extinguish a

12 party's right to pursue remedies in the event of default. Any extension of this date must be agreed to by the parties in

13 writing.

14 ❑ B. Possession: Possession of the Property is to be given:

15 ❑ with delivery of deed and payment of purchase price; OR

16 ❑ on at o'clock ❑ am/ ❑ pm, local time; OR

17 ❑ Occupancy Agreement attached.

18 ❑ no later than o'clock ❑ am/ ❑ pm, local time, on the day after Closing.

19 ❑ Occupancy Agreement attached.

20 This Amendment shall become binding when signed by all parties and shall be incorporated into the Agreement and all other

21 terms and conditions of the Purchase and Sale Agreement shall remain in full force and effect.


101.1Iwid Version 2/01/2014 Copyright 1998 © Tennessee Association of Realtors® F7 — Closing Date / Possession Date Amendment, Page 1 of 1


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OWNER OWNER 19 20

23 The party(ies) below have signed and acknowledge receipt of a copy.

26 27 Date

BUYER BUYER

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IMPACT FEES OR ADEQUATE FACILITIES TAXES DISCLOSURE

1 Pursuant to Tenn. Code Ann. § 66-5-211, in transfers involving the first sale of a dwelling, the owner of residential property

2 shall furnish to the purchaser a statement disclosing the amount of any impact fees or adequate facilities taxes paid to any city

3 or county on any parcel of land subject to transfer by sale, exchange, installment land sales contract, or lease with an option

4 to buy.

5 For the purpose of this section, unless the context otherwise requires:

6 (1) "Adequate facilities tax" means any privilege tax that is a development tax, by whatever name, imposed by a county

7 or city, pursuant to any act of general or local application, on engaging in the act of development;

8 (2) "Development" means the construction, building, reconstruction, erection, extension, betterment, or improvement of

9 land providing a building or structure, or the addition to any building or structure or any part of any building or

10 structure, that provides, adds to, or increases the floor area of a residential or nonresidential use; and

11 (3) "Impact fee" means a monetary charge imposed by a county or municipal government pursuant to any act of general

12 or local application, to regulate new development on real property. The amount of impact fees are related to the

13 costs resulting from the new development and the revenues for this fee are earmarked for investment in the area of

14 the new development.

15 For real property located at: 16

17 Owner has paid $ in adequate facilities taxes and/or impact fees on the property.


1,411111■ Version 02/01/2014 Copyright 2006 © Tennessee Association of Realtors® F83 — Impact Fees or Adequate Facilities Taxes Disclosure, Page 1 of 1

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