Contracts
In Tennessee, a 'tender' in a real estate contract means:
AA payment made at closing
BAn offer to perform one's contractual obligation✓ Correct
CA written modification of the contract
DA request for an extension of closing
Explanation
Tender is an unconditional offer by a party to perform their contractual obligations. A party who makes tender and is refused can establish the other party's breach and may pursue legal remedies.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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