The Tennessee Excess Sale Proceeds Information Sheet is a document created by the Tennessee Department of Environment and Conservation (DEC) to provide information and instructions about the excess sale proceeds of a real estate sale in Tennessee. This document contains a brief summary of the procedures and regulations regarding the sale of real estate in the state of Tennessee, as well as a description of the required forms and procedures for the sale of excess proceeds from a real estate transaction. The Tennessee Excess Sale Proceeds Information Sheet includes a breakdown of the different types of excess proceeds that may be available depending on the type of real estate transaction and the type of property being sold. Additionally, this document includes information on how to apply for the sale of excess proceeds, and the process for distributing the proceeds to the rightful owner or owners. The Tennessee Excess Sale Proceeds Information Sheet is divided into two main categories: Information for Buyers and Information for Sellers. The Information for Buyers section provides information on the proper procedures for filing an application for the sale of excess proceeds, and how to submit the necessary documents for the sale. The Information for Sellers section outlines the necessary steps to follow in order to receive the proceeds from the sale, and the process for distributing the proceeds to the rightful owner or owners. There are two types of Tennessee Excess Sale Proceeds Information Sheet: the Residential Excess Sale Proceeds Information Sheet and the Commercial Excess Sale Proceeds Information Sheet. Both documents contain similar information, however, the Residential Excess Sale Proceeds Information Sheet is tailored specifically to residential real estate transactions, while the Commercial Excess Sale Proceeds Information Sheet is tailored specifically to commercial real estate transactions.
Tennessee Excess Sale Proceeds Information Sheet
Description
Key Concepts & Definitions
Excess Sale Proceeds Information Sheet: This document provides crucial details on the distribution of funds that remain after the sale of a foreclosed property covers the outstanding mortgage and related costs. It outlines how the remaining funds are to be allocated, including payments to subordinate lien holders and the original homeowner if applicable.
Step-by-Step Guide to Understanding Excess Sale Proceeds
- Review the Sale Documentation: Examine the total sale price and all associated costs from the foreclosure sale documents.
- Calculate Total Debts: Subtract the primary mortgage amount and any additional liens or costs covered by the sale.
- Determine the Excess: Identify if there is remaining money, which is considered "excess proceeds".
- Consult the Excess Sale Proceeds Information Sheet: Look at this document to understand who gets the remaining funds and in what order.
- File a Claim: If eligible, file a claim for a portion of the excess proceeds before the deadline set by the state or the managing court.
Risk Analysis in Handling Excess Sale Proceeds
- Legal Challenges: Incorrect distribution of funds can lead to lawsuits or legal claims from parties involved.
- Time Barriers: Missing the claim deadline can result in a forfeiture of rights to collect excess proceeds.
- Documentation Errors: Inadequate documentation or understanding of claims can hinder distribution processes.
Key Takeaways
Understanding how excess sale proceeds are managed is crucial for anyone involved in a real estate foreclosure. Ensure that all documentation is reviewed thoroughly and seek legal counsel if necessary to avoid potential financial and legal complications.
How to fill out Tennessee Excess Sale Proceeds Information Sheet?
Working with legal documentation requires attention, precision, and using properly-drafted templates. US Legal Forms has been helping people countrywide do just that for 25 years, so when you pick your Tennessee Excess Sale Proceeds Information Sheet template from our library, you can be certain it complies with federal and state laws.
Dealing with our service is easy and quick. To obtain the required document, all you’ll need is an account with a valid subscription. Here’s a quick guideline for you to obtain your Tennessee Excess Sale Proceeds Information Sheet within minutes:
- Remember to attentively look through the form content and its correspondence with general and legal requirements by previewing it or reading its description.
- Look for another official blank if the previously opened one doesn’t suit your situation or state regulations (the tab for that is on the top page corner).
- Log in to your account and save the Tennessee Excess Sale Proceeds Information Sheet in the format you prefer. If it’s your first experience with our service, click Buy now to proceed.
- Register for an account, decide on your subscription plan, and pay with your credit card or PayPal account.
- Choose in what format you want to obtain your form and click Download. Print the blank or add it to a professional PDF editor to prepare it paper-free.
All documents are drafted for multi-usage, like the Tennessee Excess Sale Proceeds Information Sheet you see on this page. If you need them in the future, you can fill them out without re-payment - just open the My Forms tab in your profile and complete your document whenever you need it. Try US Legal Forms and accomplish your business and personal paperwork rapidly and in total legal compliance!
Form popularity
FAQ
In Tennessee, if there are excess proceeds following your property's sale at auction, you may file a Motion to Claim Excess Proceeds to claim it. You are responsible for any associated court costs, and you must serve copies of the motion to all interested parties.
Excess proceeds from the sale of tax-defaulted property is defined as any amount that is over the minimum bid price. Parties having an ownership or lien holder interest in the property at the time the property is sold at tax sale have a right to file a claim for any excess proceeds that remain.
Redemption Period An order confirming the tax sale is entered into the court records within 45 business days of the sale date. Once the order is complete, the property is eligible for redemption. If the IRS holds a lien on the property, the right of redemption is 120 days from the date of the sale (28 U.S.C.
The current officeholder is David Salyers.
Delinquent tax properties are sold only by public auction and will not be sold over the counter. The Clerk & Master's Office does not issue Tax Certificates. Credit Cards are not accepted. Purchase of the properties will not be financed through the Clerk & Master's Office; payment must be made in full.
Redemption Period If the IRS holds a lien on the property, the right of redemption is 120 days from the date of the sale (28 U.S.C.
Tennessee is a redeemable deed state, which is a bit of a hybrid of a tax lien and tax deed. At a redeemable deed auction you're bidding on the deed to the property, like you would at a tax deed sale, but, as in a tax lien state, you don't get immediate possession of the property.