Tennessee Code Title 56. Insurance § 56-35-135

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

(a) As used in this section:

(1) “Mortgage lender” has the same meaning as defined in § 47-32-102;

(2) “Mortgage loan broker” has the same meaning as defined in § 47-32-102; and

(3) “Mortgage loan servicer” has the same meaning as defined in § 47-32-102.

(b) Subject to any right of approval by a mortgage lender, mortgage loan broker, or mortgage loan servicer, where those persons or entities are involved in a real property transaction, the settlement agency that is listed as the selected settlement agency for the purchaser or borrower on the contract in connection with the transaction is exclusively authorized to act as the issuing title insurance agency.

(d) This section only applies to a transaction involving the purchase of or lending on the security of real property located within this state that contains not less than one (1) nor more than four (4) residential dwelling units.

(e) This section does not apply to:

(1) The first-time sale of:

(A) New construction real property located within this state containing no less than one (1), nor more than four (4), residential dwelling units; or

(B) A new construction condominium or single-family residence that is part of a development containing more than four (4) residential dwelling units; or

(2) The sale of real property located in this state by auction, regardless of whether the auction is held in person or online.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-35-135 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-35-135/

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