Amends TCA Title 56, Chapter 35 and Title 66.
Tennessee HB0569 allows purchasers or borrowers in real property transactions to select their own settlement agents, subject to approval by mortgage lenders or brokers. The bill affects real estate transactions by prohibiting sellers from mandating the use of specific settlement agents and outlines the exclusive responsibilities of the selected agents, including providing escrow services and clearing title. Key provisions include restrictions on seller influence over settlement agent selection and requirements for agents regarding fee collection from represented sellers.
Tennessee HB0569 allows purchasers or borrowers in real property transactions to select their own settlement agents, subject to approval by mortgage lenders or brokers. The bill affects real estate transactions by prohibiting sellers from mandating the use of specific settlement agents and outlines the exclusive responsibilities of the selected agents, including providing escrow services and clearing title. Key provisions include restrictions on seller influence over settlement agent selection and requirements for agents regarding fee collection from represented sellers.
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