Tennessee Real Estate Attorneys
What Is A Tennessee Real Estate Attorney?
Tennessee real estate attorneys are attorneys that specializes in TN real estate law.
They may offer legal advice for transactions involving the following:
- renting real estate in Tennessee
- property closings in Tennessee
- property tax appeals in Tennessee
- property zoning in Tennessee
- buying real estate in Tennessee
- selling real estate in Tennessee
- leasing real estate in Tennessee
They may also offer services such as dispute resolution. These types of disputes may arise due to conflicted opinions of property boundaries or contractual disputes between the buyer and seller of real property.
A Tennessee real estate lawyer, along with a Tennessee real estate agent, can guide you through the process of buying and selling a home or commercial property in Tennessee.
A new home or even raw land can be a significant investment in Tennessee and having the proper legal advice will make your real estate transaction go smoothly.
When Should You Get A Real Estate Attorney In Tennessee?
It is recommended that any time you buy, sell, or transfer property in Tennessee that you have qualified Tennessee real estate attorneys represent you during the real estate transaction and closing.
Do I Need An Attorney To Lease My Property In Tennessee?
It is recommended that you have a Tennessee real estate attorney provide you with proper leasing or rental contracts. If you intend to lease or rent property in Tennessee a proper rental contract is a must have.
A properly drafted lease or rental agreement in TN can safeguard and provide to you monetary compensation from physical damage to property that may be caused by a renter.
Is There A Difference Between Leasing And Renting Property In Tennessee?
Simply stated a lease is normally used for long term contracts for those whom may wish to stay in the property for a matter of multiple months or years. Rentals are normally for shorter periods of times such as a few weeks to a month or two.
You can think of it as the difference between renting an apartment for a year as opposed to renting a vacation home for a short amount of time.
Do You Need A Real Estate Attorney To Buy A Home In Tennessee?
Tennessee law does not require you to hire Tennessee real estate attorneys to buy a home. However, with that being stated, having an attorney representing you throughout the home closing process is to your best interest.
Tennessee Is A Disclosure State.
Tennessee state law requires all sellers of property be it commercial or residential property, to disclose to potential buyers important facts that may affect the buyer’s use and enjoyment of the property.
The Residential Property Disclosure Act should give you more insights on the items that may need to be disclosed.
Having a TN attorney represent you at closing may be the difference between buying that 70 acres of pristine land and buying that 70 acres of land that in the past was used as a chemical dump and is heavily contaminated with dangerous substances.
How Much Do Tennessee Real Estate Attorneys Charge?
This fee may be dependent upon the cost of the property and how your chosen TN attorney bills for services. The fee may differ depending on if the property is commercial property or residential property.
Two of the most common real estate fee schedules in Tennessee are as follows:
- An hourly fee : This fee is going to be based on your location and the experience of the attorney.
- A set fee : This fee is going to be based on the value of the property being purchased. It is normally derived as a percentage of the sells price.
Who Does A Tennessee Real Estate Attorney Represent?
Tennessee real estate attorneys may represent either the buyer or the seller.
As a buyer the attorney will review all the documents pertaining to the sell. Being sure that the buyer is receiving what they are paying for clear of all liens or encumbrances.
This is normally accomplished by doing a title search to be sure the seller is the actual owner of the property and has the legal right to sell the property.
As a seller the real estate attorney can help you by reviewing you sells documents and assuring that the financial obligations of the buyer are fulfilled at closing.
When a home mortgage is involved there may be several different attorneys involved in the property closing. One may be representing the mortgage lender, one the seller, and one for the buyer. As you can see real estate transactions can at times be complicated.
Is Title Insurance Required In TN?
Title insurance in TN is not required by law.
Some Tennessee real estate attorneys may recommend that you purchase title insurance in TN on a given piece of property. Title insurance may be required for real estate that is secured by a mortgage.
Title insurance is an insurance policy that may pay you the value of the property if years down the road it is found that the seller did not have good title to the land. More information about title insurance in Tennessee can be found here.
Who Pays For Title Insurance In Tennessee?
Title insurance may be a cost to the buyer or seller depending upon the stipulations in your real estate sales agreement.
What Is A Tennessee Real Estate Sales Agreement?
The Tennessee real estate sales agreement or contract lays out the obligations of all parties involved in the real estate transaction.
Who Pays The Closing Cost For A Real Estate Transaction In Tennessee?
Closing cost may be paid by the buyer, the seller, or a combination of both depending upon the sales agreement. Typically closing cost are broken down into two categories, the buyers and the sellers.
Buyers Closing Cost In Tennessee :
Home inspection
Underwriting fees
Title/Deed recording fees
Title search fees
Title insurance
Appraisal fee
Origination fee
Escrow fee
Credit report fee
Attorney fee
Sellers Closing Cost In Tennessee :
Transfer fees
Recording fees
Escrow fees
Mortgage fees
Title Insurance
Property taxes
Utility bills
HOA fees
As you can see from above there are a variety of fees that may be involved with your Tennessee real estate transaction. However, with that being stated, all of the fees above may not apply to your particular situation. When paying with cash instead of receiving a home loan the fees are less expensive.
How Do I Find A Good Tennessee Real Estate Attorney?
Finding good Tennessee real estate attorneys is not as hard as one may think. You can start right here on this site. If one is not available then reach out to your circle of friends, family members or business acquaintances. If your working with a Tennessee real estate agent you may wish to ask them if they have any recommendations.