Buying property can be a great investment, but the purchase comes with a lot of paperwork. Lenders protect their money by requiring buyers to sign documentation associated with the loan. Various state laws require different paperwork, but Tennessee operates as a Deed of Trust state. Ultimately, a deed of trust is a legal document that ties the buyer and lender together until the loan is paid off. We take a closer look at what this means when buying property.
The closing process is one of the most important aspects of purchasing a new home. It's a life-changing event and if you're reading this because you're starting the process — congratulations! It's the final step of a long journey and comes with a variety of measures to make the entire transaction legal and usually ends with a set of new keys in your hand. The ceremony of events includes the signing of documents and payments. It can take quite some time. Each part is essential, and understanding what you are getting yourself into will make the entire process run a bit smoother. We've answered some of the most common questions about the closing process.
It’s expected that shopping for a home can take some time, but many homeowners don't plan for the closing process. The closing proceedings involve the exchanging of titles, documents, and money to secure the deal for both the buyer and the seller. It's an arduous process but a necessary one designed to protect the sale of the home. This final step requires some refinement if you don't want to get stuck in a back and forth between you and the seller. There are a few tips we have to help you make the closing process smoother.
What is Greenbelt Law?
If you own 15 acres or more, you just might be able to reduce your Tennessee property tax liability by applying for the Greenbelt Law. The Greenbelt Law, or the Agricultural, Forest, and Open Space Land Act of 1976, was designed to preserve farms, forests, and open space and to reduce urbanization across Tennessee. Greenbelt helps provide much-needed tax relief to landowners and farmers who qualify and it also helps maintain the natural beauty of our state.
Buying and selling real estate may be one of the most important financial transactions that you will ever carry out in your life, but it’s also a lot of work. If the property in question has issues due to poor maintenance, natural conditions, or other factors, correcting these issues can be expensive and can complicate the sale of the property. The last thing that a buyer or a seller wants are complications that will slow or block the sale of property.
Dreaming of the future, exploring neighborhoods and finding the perfect home is an exciting time for most home buyers. For sellers, the process can be equally exhilarating as they prepare to take their next steps. And that wonderful moment when you learn your bid has been accepted (or, if you’re selling, you accept a bid) is a sweet one. For many buyers and sellers, however, that euphoria soon dissipates as the walls of closing-related paperwork begin to close in.