Tennessee Contract for Deed Questionnaire

State:
Multi-State
Control #:
US-Q1035
Format:
Word; 
Rich Text
Instant download

Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a contract for deed matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

As a seller of a property with one to four dwelling units, you in most situations must provide the buyer with a disclosure statement before a purchase contract is signed. (For exemptions, such as for transfers between co-owners or divorcing spouses, see Tenn. Code Ann. § 66-5-209.)

What does Tennessee law say about disclosure? The Residential Property Disclosure Act in Tennessee Code Annotated § 66-5-201 to 210 requires most sellers of residential real estate to complete a disclosure statement. The disclosure statement lets the buyers know about the condition of the property.

A: All contracts for the sale of real property are assignable in Tennessee unless otherwise agreed to in the contract. The Tennessee REALTORS® contracts are assignable unless something is mentioned in the special stipulations to the contrary. If the assignee does not close, the buyer is still responsible to close.

Common exceptions include sales or transfers between co-owners, new construction, purchases from lenders after foreclosure, auction sales, or if the Seller has not lived in the home within the 3 years before the Closing.

The Act applies to all sales of residential real property consisting of not less than one dwelling unit, but not more than four dwelling units. The Act applies even if real estate agents are not involved in the sale. The disclosure form required in Tennessee is lengthy, detailed and comprehensive.

The Tennessee Residential Property Disclosure Act states that anyone transferring title to residential real property must provide information about the condition of the property. This completed form constitutes that disclosure by the seller.

This law requires that a seller discloses to a buyer any material defects with the property known to the seller. A material defect is a problem with the property that would have a significant adverse impact on the value of the property or that involves an unreasonable risk to people on the property.

A contract for deed is a legal document that lets the buyer make payments to the seller until the amount agreed upon is paid in full. The seller retains the title to the property until the balance is paid. After the final payment, the legal ownership will transfer to the buyer.

Tennessee requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent via first class mail each reporting cycle to the apparent owner at the last known address not more than 180 days or less than 60 days from the reporting deadline.

In Tennessee, there are no state laws on paranormal activity disclosure and a seller does not have to disclose if there was a homicide or suicide on the property as long as it did not affect the physical structure.

More info

Warranty Deed · Name and address of new owner · Tax bill name & address · Map and parcel number(s) · Oath of consideration · Property description · Derivation clause ... Under Tennessee law, what are the chances that our hypothetical buyer can recover part of the purchase price or rescind the contract altogether ...A contract for deed (sometimes called an installment purchase contract or installment sale agreement) is a real estate transaction in which the purchase of ... "Installment land contract" means a contract for the sale of land providingthe survey and disclosures will be a violation of the Tennessee Consumer ... A contract for deed, also called a land contract, is a legal agreement for thebuyers and sellers don't have to complete a qualification stage before ... Trust deeds, mortgages, modification agreements and assignments must include the statement, "Maximum principal indebtedness for Tennessee recording tax ... Though contracts for deed are sometimes referred to as the "poor man's mortgage," American Housing Survey results indicate that only 3.9 ... Document, so the validation stamp does not cover up any pertinent information.For additional questions please call the Hamilton County TN Register's.172 pages document, so the validation stamp does not cover up any pertinent information.For additional questions please call the Hamilton County TN Register's. The holder of a deed of trust or mortgage may consensually subordinate its lien by contract pursuant to a subordination agreement. The ... When someone living in Tennessee wants to transfer ownership of a piece of property to someone else, without exploring the title, they will file a Tennessee ...

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Tennessee Contract for Deed Questionnaire