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Commissioners approve option to buy 120 East Main in Murfreesboro; 120-day inspection period set
Summary
The Rutherford County Board of Commissioners on Aug. 14 authorized a purchase agreement for 120 East Main Street in downtown Murfreesboro at a $9.2 million price and approved $9.5 million in funding to cover the purchase and related due diligence. The contract includes a 120-day inspection period and layered earnest-money provisions.
The Rutherford County Board of Commissioners voted Aug. 14 to authorize a purchase agreement for 120 East Main Street in downtown Murfreesboro, accepting a negotiated purchase price of $9,200,000 and approving $9,500,000 in funding to cover the acquisition and related costs.
The resolution authorizes the county mayor to execute a real estate purchase agreement and directs that funding cover the purchase price plus inspections, closing costs, title insurance and other due-diligence expenses. Under the contract terms described to commissioners, the county has a 120-day initial inspection period, during which a $50,000 earnest-money deposit is held and refundable if the county elects to withdraw. If the county proceeds past that period, an additional $50,000 becomes nonrefundable and the agreement includes built-in…
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