Tennessee HB0137 grants purchasers or borrowers exclusive rights to select settlement agents in real property transactions.
Tennessee HB0137 amends state law to ensure that purchasers or borrowers in real property transactions have the exclusive right to select the settlement agent. The chosen agent can provide escrow or closing services, act as the title insurance agency, and perform related functions. The seller cannot require a specific settlement agent and cannot collect fees without the seller's written consent, except for title clearing charges. Sellers may still retain an attorney for limited legal services related to the transaction. The act takes effect on July 1, 2025.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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