🛠️ What is the Resolution Period in Tennessee Real Estate?
The Resolution Period is a designated timeframe within the Tennessee Purchase and Sale Agreement that begins after the buyer has conducted their home inspection(s) and ends at a specified deadline (often a few days after the inspection deadline).
It allows both the buyer and seller to negotiate any repairs or concessions based on the findings of the inspection report.
📝 How It Works:
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Inspection Completed:
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The buyer arranges and completes any desired inspections (general, termite, radon, etc.) before the inspection deadline.
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Repair Proposal Submitted:
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If the buyer is unsatisfied with certain conditions of the home, they may submit a Repair Proposal to the seller, identifying specific items they’d like repaired or compensated for.
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Resolution Period Begins:
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The Resolution Period typically begins immediately after the inspection deadline or after the Repair Proposal is submitted—whichever comes first.
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⚖️ During the Resolution Period, the following can happen:
A. Agreement Reached:
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The buyer and seller agree on repairs, concessions (like a price reduction), or other terms.
✅ The contract moves forward toward closing.
B. Seller Refuses Repairs:
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If the seller declines all or part of the buyer’s request, the buyer has the option to:
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Accept the property as-is and proceed to closing.
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Terminate the contract with a full refund of the earnest money deposit.
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C. No Agreement Reached by Deadline:
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If no resolution is reached by the end of the Resolution Period, the buyer must choose to either:
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Move forward without repairs
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Terminate the agreement
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⏰ No automatic extensions are granted, so timely communication is critical during this period.
🔁 Summary of Buyer’s Options After Inspection:
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Accept the property as-is (no repairs requested)
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Request repairs or concessions via a Repair Proposal
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Negotiate with the seller during the Resolution Period
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Terminate the agreement if no satisfactory resolution is reached