Tennessee Code Title 56. Insurance § 56-35-134

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) If two (2) title insurance agencies that separately represent the buyer and seller agree to an arrangement to share the title insurance premiums, commissions, or other fees paid by the buyer and seller in a real estate transaction, then the title insurance agencies must:

(1) Provide written notice to the buyer and seller that the title insurance premiums, commissions, or other fees paid by the buyer and seller will be shared between the two (2) title insurance agencies; and

(2) Receive signed, written acknowledgement from both the buyer and the seller confirming that the buyer and seller were notified in writing of the title insurance agencies' intent to share the title insurance premiums, commissions, or other fees paid by the buyer and seller.

(b) A title insurance agency participating in such arrangement shall not purport to accept, assume, share, or guarantee a liability for losses arising under a title insurance policy that the title insurance agency did not issue.

(c) A title insurance agency is not obligated to participate in an arrangement to share the title insurance premiums, commissions, or other fees paid by the buyer and seller in a real estate transaction.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-35-134 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-35-134/

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