Breach of Purchase Agreement
Real Estate Lawyer Franklin TN
The median home value in Williamson County, Tennessee is approximately half a million dollars. There is a lot on the line for home buyers and sellers in middle Tennessee. The buyer and sellers are presented stacks of documents to fill out and sign during the potential transaction. Sometimes buyers and sellers want to back out or change terms at the last minute leaving you in a difficult position.
Our Franklin TN Real Estate law firm helps guide and represent home buyers and sellers when the process becomes difficult or adversarial. We aim to help Buyers and Sellers successfully enforce their contractual and statutory rights. We firmly believe the best defense is a good offense. Our firm negotiates and litigates Home Purchase Agreement disputes in and surrounding Williamson County Tennessee.
What Is A Tennessee Home Purchase Agreement?
A Home Purchase Agreement is usually tendered by a buyer or their agent to a seller as an offer to purchase the Property. The Buyer receives a Property Disclosure form prior to making the offer and the Home Purchase Agreement will contain many of the various terms and options by which the transaction may proceed. As an example, it will outline whether the purchase is contingent upon buyer financing, appraisal of the collateral, or the sale of another property by the buyer.
The Home Did Not Appraise High Enough
The form by the Tennessee Realtors Association provides the process of what is to happen when the Property fails to appraise at a value greater than the purchase price. The collateral (the value of the home) must be worth more than the sales price if the contingency is selected. If not, then usually the Buyer must immediately provide notice and has three days to waive the contingency or to terminate. If they do neither, it may be deemed waived. All of which must be done before a closing date.
Failure To Return Earnest Money
If there is a dispute as to whom the earnest money is to be returned to, the money will be interplead (put into) the court and the parties will dispute the matter. If you feel you are entitled to the return or retention of earnest money, please contact our office to schedule an initial consultation.
Failure to Close On Home
Did your seller refuse to close on the Tennessee home you were buying? Did a buyer back out of fail to close on the Tennessee home you were selling? The consequences of failing to close may vary depending on why the Party failed and what was communicated. You will need to review the communications between your agent and the other parties' agent during the relevant period. Real estate agents' goal is often to close a transaction and avoid conflict. However, sometimes it is important you enforce your rights if you are being taken advantage of. Contact our office to schedule a consultation to discuss your issue.
Franklin TN Home Purchase Attorney
Sam Cross Law assists clients in Franklin TN with Real Estate legal issues. Our services range from a simple consultation to complex litigation. Please feel free to schedule an initial consultation today.
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Sam Cross is a Franklin Tennessee Real Estate Attorney who focuses his practice on enforcing the rights of tenants, homeowners, contractors, and consumers. If you'd like to learn more, you can schedule an initial consultation by clicking the schedule button below.