REAL ESTATE LAW - RESIDENTIAL Tips of the Week

Why do sellers agree to a short sale?

Fri, 29 Apr 2011 00:00:00 -0600

Following are a few of the reasons that the sellers might agree to a short sale: (1) Effects on credit score might be less. (2) Avoid the embarrassment of the foreclosure (3) Potential for negoti...

Why do banks allow short sales?

Fri, 15 Apr 2011 00:00:00 -0600

Following are a few of the reasons that banks might allow a short sale: (1) Typically, the bank can net more money in a short sale versus a foreclosure. (2) Liability by having to "h...

What is a Short Sale?

Fri, 08 Apr 2011 00:00:00 -0600

The property being sold cannot net the proceeds necessary to pay the mortgage(s) in full....

What Contract terms are necessary when discussing whether Owner Financing is an option for a ...

Fri, 25 Mar 2011 00:00:00 -0600

There are several items to consider when discussing owner financing as an option in a transaction. A few of the items that are �crucial� to financing in general are as follows: (1) Interest Rate (...

Is title insurance typically purchased when there is owner financing?

Fri, 18 Mar 2011 00:00:00 -0600

Typically, yes� Most all lenders require mortgagee�s title insurance. An owner providing financing personally is in the same �risk� position as a traditional lender. Therefore, I would always recommen...

What MLS members need to know about the MLS and home photographs

Fri, 25 Feb 2011 00:00:00 -0600

Copyright and intellectual property laws are obtuse and rarely known and understood outside of the creative industries and intellectual property attorneys. At the risk over oversimplifying very compl...

Who prepares the paperwork for a transaction with Owner Financing?

Fri, 18 Feb 2011 00:00:00 -0600

An Attorney�s office can help with the preparation of all the documents necessary to facilitate a transaction with Owner Financing....

When Can an Owner Provide Owner Financing for the Buyer?

Fri, 11 Feb 2011 00:00:00 -0600

Typically, the seller�s property must be free from encumbrances (mortgages, other types of liens). If the property is not fully paid for or free from encumbrances, the Seller could owner finance t...

What is Owner Financing?

Fri, 04 Feb 2011 00:00:00 -0600

Owner financing is a transaction where the Seller of a property acts as a lender for the Buyer in providing financing for the purchase....

What are the risks involved with a Contract for Deed?

Fri, 21 Jan 2011 00:00:00 -0600

1. The property is not vested in the Buyer. 2. If the Seller has any liens or judgments, they will attach to the property and may affect the ability to transfer title to the Buyer. 3. If the Buy...

Lease Purchase: What are the Risks for the Buyer?

Tue, 28 Dec 2010 00:00:00 -0600

1. Seller not making their mortgage payments and the home going into foreclosure. 2. Seller getting into a position of financial distress and having judgment liens placed against them and therefo...

Why are the forms for a Lease Purchase not readily available for Agents?

Fri, 03 Dec 2010 00:00:00 -0600

These transactions can be very risky for all parties involved. The known risks need to be disclosed and reviewed by all parties. Having an attorney with specific knowledge regarding these transactions...

What is the process for having a Lease Purchase drawn up?

Tue, 23 Nov 2010 00:00:00 -0600

Once all the parties have come to an agreement on the terms for the lease and the purchase, contact an attorney to draw up the proper documentation for the transaction. The attorney will then draw up ...

What is a Lease Purchase?

Thu, 18 Nov 2010 00:00:00 -0600

A Lease Purchase is a transaction where a buyer contracts to lease a property for a certain amount of time (timeline specified in the lease agreement) and after the lease period is over (or before if ...

Owner Financing Just Became Problematic

Fri, 29 Oct 2010 00:00:00 -0600

A Tennessee Attorney General's opinion interprets new legislation to prevent owner financing of investment residential properties Under the Tennessee Residential Lending, Brokerage and S...

Q&A on RESPA

Fri, 22 Oct 2010 00:00:00 -0600

The Department of Housing and Urban Development (HUD) has released several revisions of the RESPA Frequently Asked Questions. The latest is dated January 28, 2010. Following is information contained w...

Q&A on RESPA

Fri, 15 Oct 2010 00:00:00 -0600

Q&A on RESPA

Fri, 08 Oct 2010 00:00:00 -0600

What's a RE-professional to do? - 5

Thu, 30 Sep 2010 00:00:00 -0600

Re-train - Time to learn! Learn how to use new gear and software. Learn how to prepare and implement a new marketing plan based on the internet, social media, blogs, videos, and the fact that 85-90...

What's a RE-professional to do? Part 4

Wed, 22 Sep 2010 00:00:00 -0600

What's a RE-professional to do? RE-up, RE-new, RE-equip, & RE-train!!!!! Part 4 Authored by: Attorney Brian Smith In the last 2 tips we talked about a decision to RE-up for another...

What's a RE-professional to do? - 3

Tue, 14 Sep 2010 00:00:00 -0600

What's a RE-professional to do? RE-up, RE-new, RE-equip, & RE-train!!!!! Part 3 Authored by: Attorney Brian Smith Re-new - your enthusiasm! Renew your commitmen...

What's a RE-professional to do? - 3

Tue, 14 Sep 2010 00:00:00 -0600

What's a RE-professional to do? RE-up, RE-new, RE-equip, & RE-train!!!!! Part 3 Authored by: Attorney Brian Smith Re-new - your enthusiasm! Renew your commitment to do your very b...

What's a RE-professional to do? - 2

Wed, 01 Sep 2010 00:00:00 -0600

What's a RE-professional to do? RE-up, RE-new, RE-equip, & RE-train!!!!! Part 2 Authored by: Attorney Brian Smith So what's an RE professional to do? Here&#...

What's a RE-professional to do? RE-up, RE-new, RE-equip, & RE-train!!!!!

Fri, 27 Aug 2010 00:00:00 -0600

What's a RE-professional to do? RE-up, RE-new, RE-equip, & RE-train!!!!! Authored by: Attorney Brian Smith This has been a really hard last three years for all of o...

Q&A on RESPA

Fri, 30 Jul 2010 00:00:00 -0600

Q&A on RESPA

Fri, 23 Jul 2010 00:00:00 -0600

Q&A on RESPA

Fri, 16 Jul 2010 00:00:00 -0600

Q&A on RESPA

Fri, 09 Jul 2010 00:00:00 -0600

Deals not closed by the stimulus deadline...

Wed, 30 Jun 2010 00:00:00 -0600

Deals not closed by the stimulus deadline... Authored by: Attorney Brian Smith If a transaction does not close by midnight of June 30th, 2010 and the Buyer was planning on receiving stimulus f...

Q&A on RESPA, cont...

Fri, 23 Apr 2010 00:00:00 -0600

Q&A on RESPA

Fri, 23 Apr 2010 00:00:00 -0600

Q&A on RESPA

Fri, 09 Apr 2010 00:00:00 -0600

Q & A on RESPA

Fri, 26 Mar 2010 00:00:00 -0600

Q&A on RESPA

Fri, 26 Mar 2010 00:00:00 -0600

Q & A on RESPA

Fri, 19 Mar 2010 00:00:00 -0600

Q&A on RESPA

Thu, 29 Oct 2009 00:00:00 -0600

The Department of housing and Urban Development (HUD) has released a 16 page frequently asked questions report on August 13. Following is information contained within that report. Q; What...

Is a commission due to the real estate agent if the owner does not accept the contract?

Mon, 19 Oct 2009 00:00:00 -0600

In Trezevant Realty Corporation v. Threlkeld, (Tenn. App., 2008) the Court did not allow a listing real estate agent to recover a commission from the property owners even though he brought an offer to...

A Zoning for Agricultural Use may be difficult to change

Mon, 19 Oct 2009 00:00:00 -0600

Municipalities are precluded from rezoning land that was used for agricultural purposes as of May 10, 1998 and continues to be used for agricultural purposes. See T.C.A. 6-54-126 for more information ...

Fannie Mae has implemented Anti- Flip Language

Mon, 19 Oct 2009 00:00:00 -0600

Fannie Mae has begun requiring agents who market its REO to include provisions in sales contract that certain anti-flip language will be included in deeds. The language may vary but will be included. ...

Fannie Mae has implemented Anti- Flip Language

Mon, 19 Oct 2009 00:00:00 -0600

Fannie Mae has begun requiring agents who market its REO to include provisions in sales contract that certain anti-flip language will be included in deeds. The language that will be included is as...

Protecting Tenants at Foreclosure Act

Mon, 19 Oct 2009 00:00:00 -0600

Under this Act, a tenant�s lease survives foreclosure and the tenant is allowed to remain on the property for the remainder of the lease. There, however is one big exception� If the immediate succe...

Protecting Tenants at Foreclosure Act

Mon, 19 Oct 2009 00:00:00 -0600

Under this Act, a tenant�s lease survives foreclosure and the tenant is allowed to remain on the property for the remainder of the lease. There are also other stipulations in addition to the immediate...

What Amount do I have to pay in order to redeem my property after a tax sale?

Mon, 19 Oct 2009 00:00:00 -0600

In Home Funds Direct v. Garrett, 34 TAM 24-4 (Tenn. App., May 5, 2009), the Court of Appeals held that the Owner (delinquent tax payer) only had to deposit the amount of the bid at the tax sale, plus ...

What Amount do I have to pay in order to redeem my property after a tax sale?

Mon, 19 Oct 2009 00:00:00 -0600

Fannie Mae Has Implemented Anti- Flip Language

Mon, 20 Jul 2009 00:00:00 -0600

Is a commission due to the real estate agent if the owner does not accept the contract?

Fri, 03 Apr 2009 00:00:00 -0600

Is a commission due to the real estate agent if the owner does not accept the contract?

Fri, 20 Mar 2009 00:00:00 -0600

Is a commission due to the real estate agent if the owner does not accept the contract?

Fri, 13 Mar 2009 00:00:00 -0600

It depends on how the listing agreement reads. In Trezevant Realty Corporation v. Threlkeld, (Tenn. App., 2008) the Court did not allow a listing real estate agent to recover a commission from the pro...

I just found out that a house that I am doing a lease/purchase on is about to be in foreclosure. ...

Fri, 27 Feb 2009 00:00:00 -0600

This situation is a very real risk involved in doing a Lease/Purchase transaction. Contractually, if your landlord is in default of the contract, you are entitled to a refund of your deposit (unless y...

I am doing a lease/purchase and I am the buyer. ...

Fri, 20 Feb 2009 00:00:00 -0600

If the contract reads that the deposit given under the Lease/Purchase was NON-REFUNDABLE in any event, then the Buyer would not be entitled to their deposit back. This is a very common provision in Le...

I am doing a lease/purchase and I am the buyer. ...

Fri, 13 Feb 2009 00:00:00 -0600

This depends on how the contract reads. If there is a contingency in the contract for the property to appraise at or above the sales price and the property does not appraise at that value, you could b...

My landlord that I am doing a lease/purchase with is being sued for injuries from an automobile ...

Fri, 06 Feb 2009 00:00:00 -0600

This is a potential issue with lease/purchases transactions. If the seller/landlord has a judgment placed against him... this judgment is recorded as a lien against any real property that he owns. So,...

What if my LANDLORD files bankruptcy during the lease period?

Fri, 30 Jan 2009 00:00:00 -0600

If your landlord files for bankruptcy protection during the lease period or even during the purchase period... this is an issue. When someone files for bankruptcy protection, there is somewhat of a f...

What if my tenants damage my property while they are under the Lease?

Fri, 09 Jan 2009 00:00:00 -0600

First, you need to go back to the contents of the lease agreement and see what the lease states. Most leases state that the tenants will be responsible for any damage that is done to the property whi...

How do the agents get paid with a Lease/Purchase?

Fri, 19 Dec 2008 00:00:00 -0600

There are several ways that the agents can be paid when doing a Lease/Purchase. One way that the agents can be paid is at the beginning of the deal. In this case, the agent would be paid their commiss...

How Can I Minimize My Risks Associated with a Lease/Purchase?

Fri, 12 Dec 2008 00:00:00 -0600

Lease/Purchase transactions definitely have risks. However, these risks can be minimized by being fully informed by a lawyer and by having a lawyer draw up the documents associated with the Lease/Purc...

ARE THERE RISKS INVOLVED IN DOING A LEASE/PURCHASE?

Fri, 05 Dec 2008 00:00:00 -0600

Yes Yes and Yes. There are risks. However, they can become calculated risks when entering these agreements with the correct information. Some risks that the Seller could encounter are as follows...

EDUCATION, EDUCATION, EDUCATION

Fri, 03 Oct 2008 00:00:00 -0600

As a real estate licensee, the more educated you are, the better level of service you can provide to consumers. You should not limit your education to "continuing education" classes. Here are sever...

When Must a Tennessee Residential Property Condition Disclosure or Disclaimer be Delivered to a ...

Fri, 12 Sep 2008 00:00:00 -0600

According to Section 66-5-203 of the Tennessee Residential Property Condition Disclosure Act, a Disclosure or Disclaimer must be delivered to the buyer prior to the "acceptance" of a purchase and sale...

How should real estate licensees handle clients' or customers' requests for ...

Fri, 05 Sep 2008 00:00:00 -0600

When your clients or customers ask you for a referral for a service provider such as a home inspector or a mortgage broker, be sure to recommend more than one person or business. You should refrain f...

Three Reasons for Not Quitclaiming Your Property:

Fri, 22 Aug 2008 00:00:00 -0600

1. Medicaid Lockout: For persons that may have to apply for Medicaid benefits to cover the cost of nursing home care, whether in the near future or a few years down the road, it is never a good idea ...

New FACT Act Rules and Regulations - Part 2 of a 2 Part Series

Mon, 11 Aug 2008 00:00:00 -0600

New rules and regulations under the Fair and Accurate Credit Transactions Act of 2003 will go into effect this Fall. The Identity Theft Red Flags and Address Discrepancy Rules go into effect on Nov...

New FACT Act Rules and Regulations - Part 1 of a 2 Part Series

Thu, 31 Jul 2008 00:00:00 -0600

New rules and regulations under the Fair and Accurate Credit Transactions Act of 2003 will go into effect this Fall. The Affiliate Marketing Regulations go into effect on October 1, 2008. These reg...

ERRORS AND OMISSIONS INSURANCE - PART 3 OF A 4 PART SERIES

Mon, 14 Jul 2008 00:00:00 -0600

What are the limits of liability for your errors and omissions insurance policy have limits of liability? For those real estate licensees who carry the Errors and Omissions Insurance Policy offered...

ERRORS AND OMISSIONS INSURANCE - PART 2 OF A 4 PART SERIES

Thu, 03 Jul 2008 00:00:00 -0600

What is not covered by your policy? For those real estate licensees who carry the Errors and Omissions Insurance Policy offered through Continental Casualty Company and administered by Rice Insurance...

ERRORS AND OMISSIONS INSURANCE - PART 1 OF A 4 PART SERIES

Fri, 27 Jun 2008 00:00:00 -0600

What does your policy cover? For those real estate licensees who carry the Errors and Omissions Insurance Policy offered through Continental Casualty Company and administered by Rice Insurance Servic...

MANAGING BROKER'S SERIES - BUSINESS ADDRESS

Mon, 16 Jun 2008 00:00:00 -0600

TREC Rule 1260-2-.05 prohibits the use of a P.O. Box as the sole business address for a real estate brokerage firm. A physical address must be used instead. You may, however, include a P.O. Box in a...

Municipal Ordinances� The �Substantial Effect� Test is to be used

Tue, 10 Jun 2008 00:00:00 -0600

In Cherokee Country Club, Inc. v. City of Knoxville, the Tennessee Supreme Court invalidated a municipal ordinance that temporarily disallowed demolition permits. This was a zoning ordinance and the c...

MANAGING BROKER'S SERIES - TELEPHONE ANSWERING SERVICES

Fri, 30 May 2008 00:00:00 -0600

TREC RULE 1260-2-.04 permits "reasonable use" of a telephone answering service by a real estate broker. Posting a license at a telephone answering service or conducting the major part of one's real e...

Legal Duties of Managing Brokers Series: ADVERTISING Part 2

Mon, 12 May 2008 00:00:00 -0600

SECTION 62-13-310(b) of the Brokers' Act requires that signs posted on a property by a licensee must contain the firm's name and that the firm's name must be the same size or larger than the name of t...

Legal Duties of Managing Brokers Series: ADVERTISING Part 1

Fri, 02 May 2008 00:00:00 -0600

All advertising, regardless of the medium used, must comply with TREC Rule 1260-2-.12. Section (2)(b) of this rule provides as follows: all licensees shall advertise under the firm name offers to pu...

MANAGING BROKER'S SERIES - BUSINESS LOCATIONS

Thu, 17 Apr 2008 00:00:00 -0600

Section 62-13-309 of the Brokers' Act requires each real estate office to have a real estate firm license, a principal broker, and a "fixed location" for affiliate brokers. Branch locations must mee...

Legal Duties of Managing Brokers Series: Termination of Affiliation

Fri, 28 Mar 2008 00:00:00 -0600

When the relationship between a principal broker and an affiliate broker is terminated, regardless of the reason, Section 62-13-310 of the Brokers' Act requires the principal broker to sign and date t...

Legal Duties of Managing Brokers Series

Thu, 28 Feb 2008 00:00:00 -0600

Section 62-13-112 of the Real Estate Brokers' Act requires all principal and affiliate brokers to maintain errors and omissions insurance coverage. If a licensee fails to maintain the required insura...

Legal Duties of Managing Brokers Series

Fri, 22 Feb 2008 00:00:00 -0600

TREC Rule 1260-2-.01 (Supervision of Affiliate Brokers) states that a licensee may be affiliated only with a principal broker who is involved primarily in the real estate business and accessible durin...

Legal Duties of Managing Brokers Series

Tue, 19 Feb 2008 00:00:00 -0600

TREC Rule 1260-1-.04(1) provides that "No principal broker shall permit an affiliate broker (or broker) under his supervision to engage in the real estate business unless the affiliate broker (or brok...

Legal Duties of Managing Brokers: Escrow Accounts -- Part 3

Fri, 08 Feb 2008 00:00:00 -0600

Pursuant to TREC Rule 1260-2-.09(5), a broker may disburse funds from an escrow or trustee account upon: (1) a reasonable interpretation of the contract pursuant to which the broker is holding said f...

Legal Duties of Managing Brokers: Escrow Accounts -- Part 2

Fri, 01 Feb 2008 00:00:00 -0600

TREC Rule 1260-2-.09 When must earnest money or other such funds be deposited into an escrow account? TREC Rule 1260-2-.09(8) provides that earnest money must be deposited "promptly upon acceptanc...

Legal Duties of Managing Brokers: Escrow Accounts -- Part 1

Fri, 25 Jan 2008 00:00:00 -0600

Section 62-12-321 of the Tennessee Real Estate Brokers' Act requires every broker to keep an escrow or trustee account of funds deposited with the broker that are related to real estate transactions. ...

LEGAL DUTIES OF MANAGING BROKERS: RECORD KEEPING

Thu, 17 Jan 2008 00:00:00 -0600

Section 62-13-312(6) of the TN Real Estate Brokers' Act requires firms to keep records relating to any real estate transaction for three (3) years after the transaction is concluded. Because the stat...

LEGAL DUTIES OF MANAGING BROKERS: RECORD KEEPING

Thu, 17 Jan 2008 00:00:00 -0600

LEGAL DUTIES OF MANAGING BROKERS: RECORD KEEPING

Thu, 17 Jan 2008 00:00:00 -0600

Hot Topic - A Real Estate Broker's Duty to Adequately Supervise Licensees-Part I

Fri, 11 Jan 2008 00:00:00 -0600

This series will be a "must read" for Principal Brokers and will probably be our longest series of tips ever. This also gives us an opportunity to introduce you to the latest attorney to join our...

Change in the Law regarding Restrictions on Mobile Homes/Modular Homes Continued

Fri, 11 May 2007 00:00:00 -0600

In Williams v. Fox, (Tenn., March 15, 2007), the Supreme Court held that a modular house was not prohibited by a restrictive covenant banning mobile homes. The Tennessee Supreme Court held that unlike...

Change in the Law regarding Restrictions on Mobile Homes/Modular Homes Continued

Fri, 27 Apr 2007 00:00:00 -0600

Change in the Law regarding Restrictions on Mobile Homes/Modular Homes

Fri, 20 Apr 2007 00:00:00 -0600

In Williams v. Fox, (Tenn., March 15, 2007), the Supreme Court held that a modular house was not prohibited by a restrictive covenant banning mobile homes. The Tennessee Court of Appeals had decided t...

Repairs made within the 1 year redemption period on a tax sale property may not be reimbursed

Wed, 28 Mar 2007 00:00:00 -0600

The Tennessee Court of Appeals held in State of Tennessee v. Delinquent Taxpayers (Tenn. App., Nov. 2, 2006) that the purchaser at a tax sale is not automatically entitled to be reimbursed for repairs...

One Must be a Licensed Real Estate Broker in order to receive a commission

Fri, 09 Mar 2007 00:00:00 -0600

The Tennessee Court of Appeals held in Burks v. Elevation Outdoor Advertising, LLC (Tenn. App. July 24, 2006) that unlicensed individuals who were paid a commission in connection with the sale of an o...

Notice Requirements to become a purchaser of property

Thu, 01 Mar 2007 00:00:00 -0600

The Tennessee Court of Appeals held in Williams v. Title Guaranty & Trust Co., 212 S.W. 2d 897, 901 that notice of a prior contract that interest will be effective to charge a subsequent purchaser wi...

Can I buy a property when there is already a contract on that property?

Fri, 16 Feb 2007 00:00:00 -0600

The Tennessee Court of Appeals recently ruled in Aslinger v. Price (Sept. 1, 2006) that a purchaser with "notice" of another contract on the same property must honor the seller's prior contract. The ...

If a Purchaser has notice of the existence of another contract on the same property- Are they ...

Fri, 26 Jan 2007 00:00:00 -0600

Maybe yes... The Tennessee Court of Appeals has ruled in Aslinger v. Price (Tenn. App., Sept. 1, 2006) that a purchaser with notice of another contract on the same property must honor the seller�s ...

NEW LAW PASSED RE: SEPTIC SYSTEMS

Fri, 15 Dec 2006 00:00:00 -0600

The State of Tennessee has passed an amendment that is vital to real estate as we know it. Under TCA 66-5-212 known as Disclosure of known percolation tests or absorption rates, the laws surrounding t...

Murder of a Spouse-What happens to your Real Estate?

Thu, 05 Oct 2006 00:00:00 -0600

What happens to the title to the property when it is vested as tenants by the entirety (husband and wife as an indivisible unit) and one spouse murders the other? Can the surviving spouse sell the fam...

Square Footage- How to Avoid "Intentional Misrepresentation" when dealing ...

Fri, 22 Sep 2006 00:00:00 -0600

The Tennessee Court of Appeals determined that the listing agent "estimated" the square footage in the home. Therefore, the agent did not negligently or intentionally misrepresent the square footage ...

Square Footage- How to Avoid "Negligent Misrepresentation" when dealing with ...

Fri, 15 Sep 2006 00:00:00 -0600

The Tennessee Court of Appeals determined that the listing agent "estimated" the square footage in the home. Therefore, the agent did not negligently misrepresent the square footage of the home. Th...

Square Footage- How Agents Can Avoid Liability

Mon, 11 Sep 2006 00:00:00 -0600

The Tennessee Court of Appeals has ruled in The Cadco, LLC v Barry (2006 Tenn. App. LEXIS 37) that a real estate agent was not responsible for an alleged misrepresentation of the square footage in a l...

Square Footage- How Agents Can Avoid Liability

Fri, 25 Aug 2006 00:00:00 -0600

Will Bankruptcy Affect My Real Estate Lease?

Mon, 14 Aug 2006 00:00:00 -0600

Maybe yes... Maybe No.... Real property leases have special treatment under the Bankruptcy Code. A lease that is not expired must be either assumed by the debtor or rejected by the debtor completel...

Why the Court determined that Modular Structures violate Mobile Home restrictions

Wed, 26 Jul 2006 00:00:00 -0600

The Tennessee Court of Appeals has held in Williams v. Fox, (Tenn. App., March 20, 2006) that a restriction against mobile homes also included a restriction against modular housing. There was proof br...

Restrictions against Mobile Homes include Modular Homes

Wed, 05 Jul 2006 00:00:00 -0600

Many subdivisions include restrictions today. One of the most common restrictions may be the restriction against mobile homes. The Tennessee Court of Appeals has held in Williams v. Fox, (Tenn. App., ...

Agreement to Agree to Option Sales Price in a Lease is Not Enforceable

Wed, 28 Jun 2006 00:00:00 -0600

The Tennessee Court of Appeals has ruled in Four Eights, LLC v. Salem (Tenn. App., Nov. 29, 2005) that an option in a lease agreement to purchase the property for its fair market value , as agreed upo...

Agreement to Agree to Option Sales Price in a Lease is Not Enforceable

Wed, 28 Jun 2006 00:00:00 -0600

Part II: How do the tax assessor and an appraiser measure the square footage in a home?

Fri, 09 Jun 2006 00:00:00 -0600

There are several ways one can go about arriving at the square footage in his home or a home that he is purchasing. Two of the most common times a house is measured is when it appraised for a loan and...

Part II: How do the tax assessor and an appraiser measure the square footage in a home?

Wed, 17 May 2006 00:00:00 -0600

Gift Tax�The Gift that Keeps on Costing

Wed, 17 May 2006 00:00:00 -0600

The gift tax that is recognized in Tennessee may keep costing taxpayers� even after death. The gift tax also plays a big role in inheritance scenarios. All real and personal property which the decede...

Beware of Zoning Changes to the Subject PropertyDuring the Negotiation of a Real Estate Contract

Wed, 03 May 2006 00:00:00 -0600

The Tennessee Court of Appeals has ruled in Westchester Co. , LLC v. Metropolitan Government, (Tenn. App. , Dec. 20, 2005) that a landowner did not have a vested right in an existing zoning classific...

Beware of Zoning Changes to the Subject Property During the Negotiation of a Real Estate Contract

Fri, 21 Apr 2006 00:00:00 -0600

Mobile Home assessed as Real Property

Tue, 07 Mar 2006 00:00:00 -0600

The Tennessee Court of Appeals looked closely at TCA �� 67-5-802 (a) (1) for the decision in this case. The portion of the TCA code that they looked at provided that house trailers, mobile home...

Tax Sale does not include mobile home

Fri, 10 Feb 2006 00:00:00 -0600

The Tennessee Court of Appeals has held in CMH Homes, Inc. v. McEachron, (Tenn. App., Sept. 29, 2005) that the purchaser at a tax sale did not acquire the mobile home that was located on the property ...

Is the Seller responsible for not disclosing item on Property Disclosure if it was apparent to ...

Mon, 30 Jan 2006 00:00:00 -0600

Maybe not.... The Tennessee Court of Appeals has held in Daniels v Basch, (Tenn. App., October 27, 2005) that the seller of real property cannot be held liable for failing to disclose an items that i...

Is the Seller responsible for not disclosing item on Property Disclosure if it was apparent to ...

Thu, 19 Jan 2006 00:00:00 -0600

Do I owe the people who pass in front of my home a duty even if they never enter my property?

Fri, 13 Jan 2006 00:00:00 -0600

The Supreme Court of Tennessee ruled in Hale v. Ostrow, 30 TAM 28-1, that a property owner owes a duty of care to a passerby to ensure that brush or foliage on his property do not obstruct the sidewal...

Do I owe the people who pass in front of my home a duty�� even if they never enter my property?

Fri, 30 Dec 2005 00:00:00 -0600

Maybe yes. In Hale v. Ostrow, 30 TAM 28-1, the Tennessee Supreme Court held that a property owner owes a duty of care to a passerby to ensure that brush or foliage on his property do not obstruct the ...

Installment Contracts- �Are they enforced?

Fri, 16 Dec 2005 00:00:00 -0600

The Tennessee Court of Appeals ruled that an in favor of the sellers and found that an installment sales contract was enforceable in Kafozi v. Windward Cove, LLC , (Tenn. App., August 26, 2005) The ...

Mortgages

Thu, 03 Nov 2005 00:00:00 -0600

Public Chapter (PC) 16 extends the maximum duration of an open- end credit agreement made pursuant to an open- end mortgage from 20 years to 30 years from date of original execution. Public Chap...

Four Types of Warranties given in a General Warranty Deed

Wed, 26 Oct 2005 00:00:00 -0600

The warranties found in a General Warranty Deed read as follows: TO HAVE AND TO HOLD the said tract or parcel of land, with the appurtenances, estate, title and interest thereto belonging to the sa...

I have been deeded the property� does it really matter what kind of deed was conveyed to me?

Wed, 26 Oct 2005 00:00:00 -0600

Yes, it does matter. There are several types of deeds that convey ownership. This is very important in determining the warranty that was conveyed in the closing. The three types of deeds are as follow...

Quitclaim deeds and gift taxes The gift that keeps on costing? Part I of a multi-part tip

Wed, 26 Oct 2005 00:00:00 -0600

Here�s a common scenario. Mom and Dad decide to start giving away real estate before they die (a little pre- death estate planning so to speak), and they start asking for quitclaim deeds to effect the...

Tennessee Residential Property Disclosure� Seller: � What if I did not know that the problem ...

Wed, 26 Oct 2005 00:00:00 -0600

The Tennessee Court of Appeals has held in Robinson v. Currey, 29 TAM 33-9 (Tenn. App. June 29, 2004) that sellers cannot be liable under the Tennessee Residential Property Disclosure Act for problems...

Tennessee Residential Property Disclosure� Seller: � What if I did not know that the problem ...

Wed, 26 Oct 2005 00:00:00 -0600

More 2004 Legislation that could affect You.....Landlord and Tenant

Wed, 26 Oct 2005 00:00:00 -0600

Public Chapter (�PC�) 683 amends the Tennessee Uniform Residential Landlord and Tenant Act to give a landlord ten business days after lease termination(rather than three business days) to inspect the ...

More 2004 Legislation that could affect You.....Loans and Mortgages

Wed, 26 Oct 2005 00:00:00 -0600

Public Chapter (�PC�) 657 requires that deeds of trust securing certain low or zero interest homes from non-profit lenders prominently state that the loan cannot be refinanced without the prior, writt...

During the 2004 session, the Legislature passed several statutes relating to real estate. ...

Wed, 26 Oct 2005 00:00:00 -0600

Recording Public Chapter (�PC�) 497 allows the recording of affidavits relating to title, including affidavits correcting scrivenor�s errors and any other affidavits in furtherance of title. Co...

Could I be liable for negligent misrepresentation?

Wed, 26 Oct 2005 00:00:00 -0600

Negligent misrepresentation is defined as one who, in the course of business, profession or employment, or in any other transaction in which he has a pecuniary interest, supplies false information for...

Tip 206 Part IV of a multi-part tip on square footage �It was no big deal... ...

Wed, 26 Oct 2005 00:00:00 -0600

Unfortunately in Tennessee, the answer is NO!! The Tennessee Real Estate Commission will likely refer you to the old saying, �You should have known better.� Tennessee forcefully upholds contracts....

Part III � Does the square footage advertised have to be exact?�

Wed, 26 Oct 2005 00:00:00 -0600

There may never be an exact square footage measurement. You can have two appraisers measure the same house and come up with two different square footage amounts. This is going to happen. A small marg...

Part II: How do the tax assessor and an appraiser measure the square footage in a home?

Wed, 26 Oct 2005 00:00:00 -0600

Part I of a Multi- Part Series regarding legal and ethical issues surrounding representation ...

Wed, 26 Oct 2005 00:00:00 -0600

Our office was presented with the following question regarding making representations in advertising about the square footage of a house for sale: Q: I recently approached TREC with a question tha...

Liens

Fri, 21 Oct 2005 00:00:00 -0600

Public Chapter (PC) 306 provides that judgments and decrees obtained by governmental entities after July 1, 2005, in any court in Davidson County will be a lien upon the debtor�s land from the time a ...

Disclosures

Fri, 23 Sep 2005 00:00:00 -0600

Public Chapter (PC) 171 requires owners of residential property in transfers involving the first sale of a dwelling, to furnish to purchasers a statement disclosing the amount of any impact fees or a...

Residential Closing Funds Distribution Act of 2005

Wed, 31 Aug 2005 00:00:00 -0600

The changes that have been brought about by the Residential Closing Funds Distribution Act of 2005 will apply to the following: (a) This chapter applies to transactions involving loans made by mort...

Residential Closing Funds Distribution Act of 2005

Tue, 30 Aug 2005 00:00:00 -0600

The changes that have been brought about by the Residential Closing Funds Distribution Act of 2005 may have major implications for closing agents and Realtors. The Act states that... (a) No settlement...

Residential Closing Funds Distribution Act of 2005 and How It May Affect Your Closings

Fri, 05 Aug 2005 00:00:00 -0600

Tennessee Code Annotated, Title 47 has been amended and this section affects Residential Real Estate Closings. One of the big changes is the disbursement of funds. T.C.A. defines the disbursement of f...

RESIDENTIAL REAL ESTATE TIP OF THE WEEK ERRORS AND OMISSIONS INSURANCE - PART 4 OF A 4 PART SERIES

Mon, 25 Jul 2005 00:00:00 -0600

E & O Reminders: (1) Make sure your policy is renewed timely every year so that there is no gap in coverage; (2) READ your policy so that you know what is and is not covered; (3) Contact the insuran...

Disposal of Consumer Report Information and Records

Wed, 22 Jun 2005 00:00:00 -0600

The Fair and Accurate Credit Transactions Act of 2003 (�FACT Act�) was signed into law on December 4, 2003. In part the Act amends the Fair Credit Reporting Act by imposing a new requirement on person...

FHA Eliminates MIP Refunds for Loans Issued on or After Dec 8th, 2004

Fri, 03 Jun 2005 05:00:00 -0600

FHA refunds to borrowers who pay off their federally insured mortgages have been eliminated!! This was an approval by Congress that took place effective in January of 2005. This is a change that will...

Involuntary Liens Part IV: Lien Lis Pendens