Chattanooga

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

A title company attorney, a party to the contract, a lender’s representative, or an outside attorney may conduct a closing. Conveyance is by warranty or quitclaim deed. Deeds of trust are the customary security instruments. Foreclosures, which are handled according to trustee sale provisions, are swift, that is, 22 days from the first publication of the notice until the public sale, and there is normally no right of redemption after that. Tennesseans use ALTA policies and endorsements. The payment of title insurance premiums, closing costs, mortgage taxes, and transfer taxes varies according to local practice. Property taxes are payable annually on the first Monday in October.

Annually on the 1st Monday in October

YES. Key components of property management (leasing, renting and collecting rent) are considered real estate activities under existing Tennessee real estate licensing laws. If a property manager is going to lease or list real estate, or negotiate or attempt to negotiate to perform any of those acts, or collect rent or attempt to collect rent, or if he or she holds herself out as engaging in any of those activities, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, resident managers (for brokers or owners) of apartments, duplexes or residential complexes are exempt if their duties are limited to supervision, exhibition of residential units, leasing or collection of security deposits and rentals from the property. Resident managers cannot negotiate the amounts of security deposits or rentals, nor may they negotiate leases on behalf of the broker. For more information about these and other Tennessee property management requirements and exceptions, please contact the Tennessee Real Estate Commission. Before hiring a property manager to manage your Tennessee rental property, you should always check that he or she is licensed appropriately. You can check the license status of Tennessee property managers at the Tennessee license Search and Verification.

There is no requirement that a community association manager or condo association manager in Tennessee hold a real estate broker's license.

Tennessee real estate broker licensing requirements include: - Age: must be at least 18 years old - Experience: must have been actively licensed for 3 years; or for two years if the candidate has a B.A. degree with a major in real estate - Education: must have successfully completed 120 classroom hours of approved real estate education, 30 hours of which must be an "Office/Broker Management" course taken at a school approved by the Tennessee Real Estate Commission - Application: must submit the completed Broker Examination Application to the Tennessee Real Estate Commission. Commission approval is necessary to make an examination appointment. - Exam: must pass the broker examination