How to Handle Paperwork in Tennessee Land Deals
How to handle paperwork in tennessee land deals is a beautiful state with plenty of opportunities to invest in land for sale. Whether you're looking to buy rural land for hunting or to farm, or a lot near the state’s major cities for industrial expansion, Tennessee has something for everyone. Buying or selling Tennessee real estate can be tricky, though. Prices vary widely, and it can take a while to sell. Fortunately, the state’s real estate market is healthy and property values are on the rise.
Having the right paperwork is essential in any real estate deal, and land transactions are no different. In this article, we’ll walk you through the different forms and documents you'll need when closing a Tennessee land deal.
A Pre-Inspection Report
A report from a certified inspector that shares their assessment of the land’s condition before it's sold. This can help you address issues before you close the sale, and it may lead to negotiations around contingencies or concessions in your purchase offer.
Mortgage Payoff Statement
Once you've notified your lender that you're selling your property, they will want to ensure that the proceeds from the sale are used to fully pay off your existing mortgage. This can be done with a mortgage payoff statement, which will show the buyer and seller the exact amount that you need to cover your debt.
While hiring a lawyer is not legally required for real estate sales in Tennessee, it's usually a good idea. They can review your contracts, protect your legal interests, and help you avoid costly mistakes during the process.…
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