Real Property Transactions

This bill allows buyers or borrowers in real estate transactions in Tennessee to choose their own settlement agent to handle certain transaction duties. It also permits sellers to hire a licensed attorney to protect their interests. The bill ensures that any fees related to the transaction cannot be charged to the seller without the approval of the seller's attorney.

Supporters of the bill argue it empowers consumers in real estate transactions by giving them more control over who manages their settlement process. It also provides protection for sellers by ensuring they can have legal representation and prevents unauthorized fees, promoting transparency and fairness in property dealings.

Critics may argue that the bill could complicate real estate transactions by introducing more parties into the process, potentially leading to increased costs and delays. They might also contend that it places additional burdens on settlement agents and could result in disputes over fee arrangements between sellers and their attorneys.