Tennessee Residential Real Estate
For many Tennessee residents, their private homes in the Volunteer State are their largest sole financial purchases and investments. As such, it is expected and predictable that these proud Southern homeowners are willing to aggressively safeguard the value of their real estate holdings. This observation is particularly accurate during challenging economic times, such as during the aftermath of the housing bubble's collapse. Fortunately, Tennessee property owners do not have to navigate the risky, complex, confusing, and high-stakes maze of residential real estate transactions on their own. There are many available, locally-based attorneys with the requisite experience, training, skill set, and education to help homeowner clients tackle the home acquisition and ownership process in an effective, efficient, and productive manner.
Residential Real Estate Fundamentals
In Tennessee, there are several different phases to a residential real estate transaction. This is true whether the transaction is a purchase, sale, or other conveyance type. Homeowners and prospective homeowners alike can count on having to undertake steps during the course of their Tennessee residential real estate transactions such as:
- Negotiating a purchase/sales contract
- Preparing a purchase/sales contract
- Executing a purchase/sales contract
- Conducting a title search
- Securing mortgage or other financing
- Conducting a home inspection
- Conducting a settlement or closing
- Recording the deed
In more detail, a buyer and seller must sign a contract to complete the buy-sell process for the purchase/sale of land and real estate improvements. Contracts are usually prepared on standardized forms supplied by local real estate agents. However, individual owners can prepare their own contracts and represent themselves in the process without agents or brokers.
The buyer is allotted a specified time to conduct a title search on the seller's property to ascertain whether the seller's title is legally valid and clear of encumbrances or clouds. Buyer is also given time to obtain financing from a mortgage lender if pre-qualification was not obtained.
The closing is scheduled and conducted. For Tennessee residential real estate closings, a real estate deed passes ownership from seller to buyer. The buyer pays the seller the purchase price, and the seller tenders the deed, keys, and legal ownership of the property to the buyer. A high volume of paperwork is signed and exchanged at or in advance of closing. Deed recordation by the buyer or his representative, who is usually a lawyer or law firm employee, takes place after closing.
Locate a Local Tennessee Residential Real Estate Attorney Today
Tennessee residential real estate attorneys represent clients pre-sale, during a sale, post-sale, and in subsequent litigation stemming from real estate transactions. They routinely draft, review, analyze, negotiate, and amend real estate contracts to make sure their clients' interests are preserved under local real property and real estate laws. Tennessee real estate lawyers are adept and skilled at issue-spotting and problem-solving in value-added ways during the title search process, in lien issues, with glitches in mortgage financing, or after a problematic home inspection. Call now to speak with a residential real estate lawyer in Tennessee at 877-913-7222.