VESTING
- The following tenancy types are recognized: Tenancy in Common; Tenancy by the Entirety, which is presumed in a deed to husband and wife unless otherwise stated; Joint Tenancy, however the right of survivorship has been abolished by statues.
- The non-titled spouse must sign the security instrument
- Acceptable instruments for transferring ownership on real property: Warranty Deed, Quitclaim Deed Statutory interpretation of conveyances made to two or more persons: if husband and wife, tenants by the entireties; all other tenants in common
RELEASE
- Acceptable instruments to release mortgages: Release Deed
POWER OF ATTORNEY
- Power of Attorney must be durable and must specify the authority of the holder of the power (ex. Deed or Mortgage)
TAX DUE DATES
- Taxes are due on October 1st and February 28th; checks should be made payable to the Trustee
- Taxes are assessed for the current calendar year; taxes become delinquent on March 1st
MORTGAGE/TRANSFER TAX
- Mortgage tax is $1.15 per $1,000.00 with $1.00 clerk fee
- Documentary or transfer taxes and fees are $3.70 per $1,000.00 with $1.00 clerk fee
SECURITY INSTRUMENT RECORDING REQUIREMENTS
- All original signatures must have names typed or printed under signature line
- All documents are required to be properly notarized with date and seal/stamp
- All documents must contain a Tennessee acknowledgment or an acknowledgment that complies with laws of the state where executed
- Deeds must contain the property tax map and parcel number and the mailing address for the property owner or person or entity responsible for payment of the property taxes
- Derivation clause is required
- Deed of Trust is required to have the following verbiage: "Maximum principle indebtedness for Tennessee recording tax purpose is $________." Deeds are also required to have the following verbiage: "I, or we, hereby swear or affirm that to the best of affiant's knowledge, information, and belief, the actual consideration for this transfer or value of the property transferred, whichever is greater, is $________, which amount is equal to the amount which the property transferred would command at a fair and voluntary sale."
WHO MAY SERVE AS TRUSTEE ON DEED OF TRUST
STATUTE OF LIMITATIONS
- JUDGMENTS IN FAVOR OF U.S. - 20 Years
- MORTGAGES - 10 Years from Maturity Date
- ALL OTHER JUDGMENTS - 3 Years(prior to 5/17/00) 10 Years(on or after 5/17/00)
- FEDERAL TAX LIENS - 10 Years
- MECHANICS LIEN - 10 Years
- HOMEOWNER'S ASSOCIATION - 10 Years
|
Tennessee Information
