Amends TCA Title 56, Chapter 35 and Title 66.
Tennessee SB0394 allows purchasers or borrowers in real property transactions to select their own settlement agent, subject to approval by a mortgage lender, broker, or servicer. The bill affects sellers and settlement agents by prohibiting sellers from mandating the use of a specific settlement agent and ensuring that selected agents can provide various services related to escrow, closing, and title insurance. Key provisions include restrictions on seller influence over settlement agent selection and requirements for settlement agents regarding fee collection from represented sellers.
Tennessee SB0394 allows purchasers or borrowers in real property transactions to select their own settlement agent, subject to approval by a mortgage lender, broker, or servicer. The bill affects sellers and settlement agents by prohibiting sellers from mandating the use of a specific settlement agent and ensuring that selected agents can provide various services related to escrow, closing, and title insurance. Key provisions include restrictions on seller influence over settlement agent selection and requirements for settlement agents regarding fee collection from represented sellers.
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