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Home Tennessee Information
Tennessee Information PDF Print E-mail
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
  • N/A

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
  • ESTATE TAX - 20 Years
  • HOMEOWNER'S ASSOCIATION - 10 Years
 

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