Amends TCA Title 56, Chapter 35 and Title 66.
Tennessee HB0137 allows purchasers or borrowers in real property transactions to select their own settlement agent, subject to approval by mortgage lenders or servicers. The bill affects real estate transactions by prohibiting sellers from mandating a specific settlement agent and restricting selected agents from collecting certain fees from sellers without consent from the seller's attorney. Key provisions include the authorization for selected agents to provide escrow services, act as title insurance agencies, and perform necessary functions to clear title, while ensuring that sellers can still retain legal representation for their interests.
Tennessee HB0137 allows purchasers or borrowers in real property transactions to select their own settlement agent, subject to approval by mortgage lenders or servicers. The bill affects real estate transactions by prohibiting sellers from mandating a specific settlement agent and restricting selected agents from collecting certain fees from sellers without consent from the seller's attorney. Key provisions include the authorization for selected agents to provide escrow services, act as title insurance agencies, and perform necessary functions to clear title, while ensuring that sellers can still retain legal representation for their interests.
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