Landlord/Tenant Obligations and URLTA Applicability in Tennessee

Understanding your obligations as a landlord or tenant in the rental of residential property are key to a good landlord/tenant relationship (paying your rent is always helpful as well!). Like most anything these days though, people turn to the internet when trying to figure out what the responsibilities of their landlord or tenant may be. That may ...
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Tax Sales and Title Insurance

Frequently, we here at DLT get asked about title insurance in regard to properties previously purchased at a tax sale. For title insurance underwriters, properties purchased at a tax sale can be problematic. What is a Tax Sale? A tax sale is a process that occurs when property becomes delinquent in the payment of associated real estate taxes. The p...
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Real Estate Transfer Taxes

   Tennessee law provides that when the transfer of realty occurs, either by deed, decree, partition deed, or other instrument that evidences the transfer of any interest in real estate, a tax is to be paid for the privilege of having the same recorded. The tax to be paid for the transfer is based on the consideration for the transfer, or...
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What is a Real Estate Appraisal?

A real estate appraisal is an opinion as to the value of property. Whenever a loan is obtained for the purchase of property federal regulations require the lender, or its agent, to have an appraisal of the property ordered. The purpose of the appraisal is to determine if the property is sufficient collateral for the loan being obtained. T...
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How Much House Can You Afford?

Looking for a house is an exciting time! Assessing what you like and don't like in available houses, comparing options, and trying to find the perfect home for your family. BUT, how much can you actually afford AND qualify for? My recommendation, when beginning the house search process, is to talk to your lender first! In fact, there may be sellers...
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What is a Deed of Trust?

Often the terms "deed of trust" and "mortgage" are used interchangeably. Though the two are similar, they are actually different instruments, and where you live may determine whether you sign a deed of trust or mortgage when purchasing property. If you live in Tennessee, you will likely be signing a deed of trust. A deed of trust is a security agre...
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What is a 1031 Exchange?

A 1031 exchange is a tax deferred exchange whereby recognition of capital gains and related taxes can be deferred through the exchange of like kind business or investment property. Like kind property being defined broadly in the sense that property can be exchanged even if it is a different species of real property altogether. (agricultural, commer...
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Why Do Title Companies Not Accept Cash?

In a real estate transaction wire transfers occur to shift the majority of associated funds from their place of origination to their final destination. The actual handling of cash by a title company happens very infrequently, if ever. Commonly, however, certain costs are required to be paid at the time of closing. In some instances, if the amount i...
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Manufactured and Mobile Homes: Real or Personal Property?

A frequently occurring question that arises in real estate transactions and disputes regard mobile and manufactured homes and whether they constitute an improvement upon the land in which they sit, or personal property. This is a relevant question when the issue of title comes up in determining ownership, as well as other scenarios. When selling pr...
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Common Issues in Commercial Lease Agreements for Landlords AND Tenants in Tennessee

Common Issues in Commercial Lease Agreements for Landlords AND Tenants in Tennessee The leasing of property can be an important aspect to the creation of a successful business venture. However, as focus turns to more tangible things like location, appearance, products and employees, details can get lost along the way. In Tennessee the primary facto...
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