(a) If an offeror makes an unsolicited offer to purchase real property by sending a written agreement or contract for purchase through the mail to an offeree and the offeror does not use the assistance of a broker, as defined in § 62-13-102, who is licensed in this state to make an unsolicited offer, then the offeree may cancel the agreement or contract by mailing written notice of the offeree’s election to cancel to the offeror postmarked within thirty (30) days from the date of the confirmation letter described in subdivision (b)(3).
Terms Used In Tennessee Code 47-18-134
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Contract: A legal written agreement that becomes binding when signed.
Deed: The legal instrument used to transfer title in real property from one person to another.
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) An unsolicited offer to purchase real property by sending a written agreement or contract for purchase through the mail is not deemed accepted by the offeree until:
(1) The offeree signs the agreement or contract;(2) The offeror receives the signed agreement or contract;(3) The offeror sends by mail a letter to the offeree that confirms receipt of the signed agreement or contract, describes the offeree’s right to cancel the agreement or contract, describes the manner by which the offeree may cancel; and states the date by which the offeree must cancel; and(4) The offeror registers the signed agreement or contract, and the confirmation letter described in subdivision (b)(3), with the register of deeds in the county in which the applicable real property is located.(c) Cancellation of the agreement or contract under this section is without penalty to the offeree. However, the offeree shall, within thirty (30) days following cancellation under this section, return all payments made by the offeror to the offeree.(d)(1) The offeree’s right to cancellation under this section may not be waived unless evidenced by a sworn affidavit waiving the right to cancellation that is executed by the offeree contemporaneously with the offeree’s execution of the deed and other documents of conveyance of title of the real property.(2) An affidavit executed in the manner described in subdivision (d)(1) is conclusive evidence of an offeree’s waiver of the right to cancellation under this section.(e) A third-party buyer who purchases the real property from the offeror prior to the expiration of the offeree’s right to cancellation under this section takes title to the real property subject to the offeree’s right to cancellation. If the offeree exercises the offeree’s right to cancellation under this section, then the title acquired by the third-party buyer is voided and the title immediately returns to the offeree. This subsection (e) does not apply if the offeree waives the right to cancellation pursuant to subsection (d).(f) A violation of this section by an offeror constitutes an unfair or deceptive act prohibited under § 47-18-104, and is punishable as provided in this part.
