SB0394 amends Tennessee real property transaction laws to allow sellers to choose their own settlement agent and restricts seller influence over the.
SB0394 amends Tennessee Code to allow sellers in real property transactions to choose their own settlement agent, who must adhere to specific underwriting rules and standards. The seller's attorney must consent in writing to any fees collected by the settlement agent. The purchaser retains the exclusive right to select their settlement agent, and sellers cannot require or condition obligations on the purchaser's choice. Definitions for "mortgage lender," "mortgage loan broker," and "mortgage loan servicer" are included, subject to approval rights by involved parties.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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