Comprehensive Guide to Residential Purchase and Sale Services in Alamo
Buying or selling a home in Alamo involves many moving parts, from negotiating terms to clearing title issues and closing the transaction efficiently. Our firm provides focused representation for residential purchases and sales throughout Crockett County and surrounding areas of Tennessee. We work with clients to review contracts, advise on contingencies, coordinate inspections and ensure that financing and title matters are managed so the transaction can close on schedule. Practical communication and careful document review help reduce last-minute surprises and make the process more predictable for buyers and sellers alike.
Whether you are a first-time buyer, a seller preparing a property for market, or someone relocating into or out of Alamo, sound legal guidance at key stages of a residential real estate transaction can protect your interests and preserve value. We help clients understand contractual obligations, identify potential liens or encumbrances, and negotiate terms that align with personal and financial goals. Our approach emphasizes clear explanations of options and likely outcomes so you can make informed decisions during negotiation, inspection, title review and closing processes.
Why Legal Guidance Matters in Residential Transactions
Legal guidance during a residential purchase or sale helps manage risk, protect your financial interests and ensure that contractual promises are enforceable. By reviewing and drafting agreements, addressing title or survey issues, and coordinating with lenders and escrow agents, legal support reduces the chance of costly delays or disputes. For sellers, attention to disclosures and accurate contract language helps prevent post-closing claims. For buyers, contract protections and title clearance secure ownership. When problems arise, having legal representation can lead to faster resolution and improved outcomes, preserving both time and money.
About Jay Johnson Law Firm’s Residential Real Estate Services
Jay Johnson Law Firm serves clients in Alamo and across Tennessee with a focus on residential real estate transactions. Our team assists with contract review, title examination, closing coordination and dispute avoidance for purchases and sales of single-family homes, condominiums and vacant land. We prioritize responsive communication and practical problem-solving, helping clients move through their transactions with clarity and confidence. Local knowledge of county recording practices and common regional issues allows the firm to anticipate steps necessary to complete transfers smoothly for both buyers and sellers.
Understanding Residential Purchase and Sale Legal Services
Residential purchase and sale legal services cover a range of tasks from initial contract negotiation through closing and post-closing matters. Services commonly include drafting and reviewing purchase agreements, preparing and reviewing seller disclosures, performing title searches, clearing liens, coordinating with lenders and escrow, and arranging closing documents. Counsel also assists with contingency language related to inspections, appraisals and financing. By managing these technical steps and coordinating with other transaction participants, legal assistance helps ensure that ownership transfers are recorded correctly and that obligations are clearly established and enforced.
Many residential transactions also involve escrow instructions, prorations for taxes and utilities, and coordination of deed preparation and recording. These details are essential to finalize ownership and avoid future disputes. A careful review of title commitments and municipal requirements, such as local permits or HOA rules, reveals issues that could delay or derail a closing. For clients selling a home, addressing inspection items and verifying clear title ahead of marketing can improve marketability. Buyers benefit from protections like contingency periods and clear expectations for closing timing and required deliverables.
What Residential Purchase and Sale Services Entail
Residential purchase and sale services encompass legal tasks necessary to complete the transfer of real property between private parties. This includes negotiating contract terms, preparing or reviewing deeds and other closing documents, arranging title insurance when appropriate, and ensuring the transaction complies with state and local recording requirements. Counsel will review financing documents, advise on escrow and closing costs, and help structure contingencies that protect buyers and sellers. The goal is to confirm that the parties’ agreement is accurately reflected in written documents and that ownership transfers are legally effective and properly recorded.
Key Elements and Typical Processes in Residential Transactions
Typical elements in residential purchases and sales include the purchase agreement terms, financing conditions, inspection and repair contingencies, title review and clearing, survey or boundary considerations, and closing logistics. Each piece requires attention to detail: the purchase agreement sets price and obligations, inspections often lead to negotiated remedies, title searches can reveal liens that must be resolved, and closing statements allocate costs between buyer and seller. Coordinating these moving parts with lenders, title agents and other professionals helps keep the transaction on track and reduces the likelihood of last-minute problems at closing.
Key Terms and Glossary for Residential Real Estate Transactions
Understanding common real estate terms can make a transaction less intimidating and help clients follow each step more confidently. Terms such as earnest money, title commitment, HUD or closing statement, appraisal contingency and deed type often appear in contracts and closing documents. Familiarity with how these items affect obligations and outcomes allows buyers and sellers to recognize potential issues early. When unclear language arises, counsel can explain implications and propose clearer contract wording so expectations are aligned and legal responsibilities are easier to manage throughout the process.
Earnest Money
Earnest money is a deposit made by the buyer to signal serious intent to complete the purchase. This deposit is typically held in escrow and applied to the purchase price at closing if the transaction proceeds. The amount and conditions for refund are governed by the purchase agreement; contingencies such as unsatisfactory inspection or inability to obtain financing often allow the buyer to reclaim these funds. Clear contractual language about where the funds are held and what events permit release or refund helps prevent disputes and protects both parties’ interests during the transaction timeline.
Title Commitment
A title commitment is a preliminary report from a title company identifying the current recorded ownership and listing exceptions to coverage that may affect ownership rights. It details liens, easements, covenants and other recorded matters. The title commitment guides what must be resolved before a closing can occur or what items will be excluded from title insurance coverage. Reviewing the commitment early allows buyers and sellers to address encumbrances or obtain payoff statements for mortgages, tax liens and judgments so the deed can transfer with the anticipated protections in place at closing.
Deed Types
A deed is the legal document that transfers ownership of real property from one party to another, and different deed types convey varying levels of protection. A warranty deed typically provides promises about title history from the seller to the buyer, while a quitclaim deed transfers whatever interest the seller has without warranties. Choice of deed affects post-closing rights and remedies, and the selection should align with the transaction’s level of certainty about the seller’s title. Discussing deed types and their implications helps buyers make informed decisions about acceptance and risk allocation.
Closing Statement and Prorations
The closing statement itemizes all credits and debits for buyer and seller, showing how the purchase price is distributed and how closing costs are allocated. Prorations adjust items such as property taxes, utility bills and homeowners association fees between the parties based on the closing date. Accurate proration prevents disputes later and ensures each party pays their fair share for the period of ownership. Reviewing the closing statement carefully before signing helps confirm numbers reflect negotiated terms and local taxing authorities’ practices.
Comparing Limited and Comprehensive Legal Approaches
Parties may choose limited legal services, focused on a single task like document review, or a more comprehensive approach that manages the entire transaction from contract to closing. Limited services can be cost-effective when transactions are straightforward and parties have confidence in other professionals involved. A comprehensive approach provides consistent oversight across all stages, reducing the need for multiple handoffs and improving coordination among lender, title, inspector and closing agent. Choosing between options depends on complexity, risk tolerance and the desire for full transaction management versus targeted assistance.
When Limited Legal Services May Be Appropriate:
Simple Transaction Structure
A limited service approach can work well when the transaction involves a straightforward sale between private parties with clear title, standard financing and no unusual covenants or restrictions. If the buyer has preapproved financing, the property has been well-maintained and title reports show no outstanding liens or encumbrances, a focused review of key documents and assistance at closing may be sufficient. Clients who prefer a narrower scope of legal involvement often select this option to manage costs while still gaining targeted legal review of essential paperwork.
High Confidence in Other Transaction Professionals
If a client is working with experienced local real estate agents, a reliable title company and a lender with a smooth record of closings, limited legal services such as contract review or deed preparation may be enough to address their primary concerns. In these situations, legal counsel can focus on clarifying a few contract points and ensuring closing documents reflect negotiated terms. Even when choosing limited services, having an attorney available to answer questions during key windows provides an added layer of assurance without taking on full transaction management.
When a Full-Service Legal Approach Is Recommended:
Complex Title or Contract Issues
A comprehensive approach is often advisable when title reports reveal liens, judgments, boundary disputes or easements that require resolution before closing. Similarly, complex contract terms involving contingent sales, seller financing or unusual deed restrictions benefit from continuous legal management. Handling these issues proactively helps prevent delays and protects clients from unexpected obligations. Comprehensive representation allows a single legal team to coordinate negotiations, obtain payoff statements, draft corrective documents and confirm that required recordings and releases are completed in the correct order.
Time‑Sensitive or High‑Value Transactions
When a transaction is time-sensitive, involves significant financial stakes, or is part of a relocation with tight closing deadlines, comprehensive assistance reduces the risk of last-minute problems. A full-service approach ensures timely communication with lenders, title companies and other parties and can expedite resolution of contingencies and documentation issues. Clients with high-value properties or complicated financing arrangements often benefit from full oversight to align timelines, protect contractual commitments and coordinate the many details necessary for a successful closing.
Benefits of a Full-Service Legal Approach for Buyers and Sellers
A comprehensive approach provides continuity and accountability throughout the transaction. With a single legal team managing contract terms, title clearance, document preparation and closing coordination, communication is streamlined and responsibilities are clearly assigned. This reduces the chance of overlooked items, improves efficiency during the escrow period and helps ensure that closing occurs on the scheduled date. For sellers, comprehensive services can speed resolution of demands identified in inspections or title reports. For buyers, the same oversight protects against overlooked liens and improper deed preparation.
Comprehensive representation also provides strategic negotiation support, particularly when addressing repair requests, appraisal concerns or seller concessions. By handling each stage under one plan, counsel can anticipate downstream impacts of contractual choices and recommend practical solutions that align with the client’s priorities. This integrated process supports smoother closings, clearer allocation of costs and better documentation for future reference. The enhanced coordination often results in fewer post-closing disputes and a more predictable pathway from contract acceptance to recorded deed.
Improved Transaction Coordination
When one legal professional or team oversees the transaction, coordination among the lender, title company, inspectors and agents improves, reducing miscommunication and duplicated efforts. This oversight ensures necessary documents are prepared in the correct sequence and that contingencies are tracked and resolved within required timeframes. Having a legal team monitoring deadlines and communications minimizes surprises at closing and helps clients move forward with confidence. Consistent representation also provides a single point of contact to answer questions and manage follow-up matters after the deed is recorded.
Greater Protection Against Post‑Closing Issues
A comprehensive approach reduces the likelihood of post-closing disputes by ensuring that contracts are clear, title issues are resolved and deeds are properly prepared and recorded. Proper documentation, accurate prorations and explicit closing statements make it easier to address any disputes that arise afterwards. For sellers, this approach helps limit exposure to claims about disclosures or contract performance. For buyers, it increases the certainty that the title conveyed is free of unexpected encumbrances. The result is a more secure transfer and fewer problems after closing.
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Practical Pro Tips for Smooth Residential Transactions
Review Contracts Early
Request a review of the purchase agreement as soon as possible to identify any problematic clauses or missing contingencies. Early review creates time to negotiate protections for inspection results, financing contingencies and clear assignment of closing costs. Addressing potential issues immediately reduces pressure during the limited contingency windows and helps avoid rushed decisions. When you understand obligations well in advance of deadlines, you can coordinate inspections and financing more effectively and reduce the risk of a collapsed closing or last-minute renegotiation.
Verify Title and Liens Quickly
Coordinate with Lenders and Closing Agents
Keep open lines of communication among your lender, title or escrow provider, real estate agent and legal counsel to track document deadlines and funding schedules. Confirm the lender’s required documents and funding timelines early so the closing date can be set with confidence. If appraisal, survey or underwriting items arise, prompt response and documentation help prevent funding delays. Clear coordination reduces the risk of last-minute rescheduling and ensures necessary funds and signed documents are ready for settlement.
Reasons to Consider Legal Assistance for Residential Transactions
Legal assistance helps protect financial investments, clarifies contractual obligations and addresses title concerns that can impair transferability. For buyers, counsel can ensure contingencies are properly drafted and deadlines are tracked so the client’s rights are preserved. For sellers, legal review of disclosure obligations and contract terms can reduce exposure to claims after closing. In transactions involving financing contingencies, conditional offers or property defects, legal support helps negotiate fair terms and document agreements that reduce the likelihood of disputes or unexpected liabilities down the road.
Additionally, local experience with recording requirements, county tax proration practices and common title issues in Crockett County brings practical advantages. Legal guidance can help navigate municipal requirements, homeowners association rules, and local permitting matters that sometimes affect closings. When timelines are tight or transactions involve multiple contingencies, having a legal plan for resolving obstacles ensures the process moves forward in an organized manner. This coordination often shortens the path to a complete and recorded transfer of ownership.
Common Situations That Benefit from Legal Representation
Several common scenarios call for legal involvement, including sales where title reports show encumbrances, purchases involving seller concessions or repairs, transactions with nonstandard financing, and estate-related transfers. Boundary disputes, undeclared easements and missed tax payments are typical title concerns that need legal attention. Likewise, buyers who are purchasing through relocation or short-sale processes often face unusual contract terms that warrant review. In any case where legal rights or financial obligations could shift based on document language or recorded matters, counsel can clarify options and recommend practical next steps.
Title Issues or Liens
When title searches reveal liens, unpaid taxes or judgments against the property, legal involvement becomes important to identify payoff amounts and prepare releases or settlement statements. Resolving liens before closing protects the buyer’s intended ownership interest and prevents surprises at recording. Counsel can work with lenders and creditors to obtain payoff statements and draft necessary instruments to remove encumbrances. This coordination allows the deed to be delivered free of prior claims or with documented plans for their resolution as part of the closing process.
Inspection or Repair Disputes
When inspections reveal significant defects or disagreement over repair obligations, legal input helps translate inspection findings into contract amendments or repair addenda. Counsel can negotiate timelines, allocate responsibility for repairs and ensure agreed remedies are reflected in writing. Proper documentation protects both buyer and seller by clarifying expectations for completion and verification. If repairs cannot be completed before closing, counsel can arrange escrow holdbacks or credits and prepare the appropriate closing language to ensure obligations survive the transaction if necessary.
Nonstandard Financing or Contingencies
Transactions involving seller financing, assumable loans, bridge loans or contingent sale terms involve specialized contract language and payment structures that can affect long-term obligations. Legal review ensures that repayment terms, default provisions and rights upon sale are articulated clearly. When a buyer’s ability to fund is contingent on selling another property, drafting precise contingency language and timelines prevents misunderstandings. Counsel can also help structure escrow arrangements to protect funds and clarify remedies if contingencies are not satisfied.
Local Residential Real Estate Representation in Alamo
If you are buying or selling a home in Alamo, Jay Johnson Law Firm is available to provide practical legal support at each stage of the transaction. We handle contract review, title issues, deed preparation and closing coordination, communicating with lenders, title agents and other parties to keep the process moving forward. Our goal is to give clients clear information about obligations, timelines and potential risks so decisions can be made with confidence. Reach out to review your contract or discuss title concerns as early in the process as possible.
Why Clients Choose Jay Johnson Law Firm for Residential Transactions
Clients choose our firm for accessible communication, local knowledge of county recording practices and a practical approach to resolving common transaction issues. We focus on providing straightforward explanations of contract language and realistic options for addressing title exceptions or repair negotiations. Our representation is intended to streamline coordination among all parties, anticipate routine hurdles, and document agreements so closings proceed without last-minute disputes. This approach reduces stress and creates a clearer path from offer acceptance to recorded deed.
We emphasize proactive review and timely action, particularly on items that commonly delay closings such as unresolved liens, appraisal discrepancies or missing documentation. Clients benefit from consistent follow-through on deadlines, clear closing checklists and direct communication regarding any outstanding conditions. By addressing issues early, we help maintain momentum and limit the potential for renegotiation near closing, which can add cost and uncertainty to a transaction. Our role is to protect clients’ interests while keeping their transaction on schedule.
Throughout the process, we provide practical guidance on deed selection, title insurance considerations and closing costs allocation so clients understand the financial and legal impacts of different choices. Whether a transaction needs limited document review or full-service coordination, we tailor the scope of assistance to the client’s goals and budget. Clear written agreements and careful closing statements help prevent later misunderstandings and provide a reliable record of the parties’ negotiated terms and responsibilities after the transaction completes.
Ready to Discuss Your Purchase or Sale? Contact Our Alamo Team
How We Manage Residential Purchase and Sale Transactions
Our process begins with an early review of the purchase agreement and title commitment, followed by coordination with inspectors, lenders and title providers to identify and resolve issues that could block closing. We prepare or review all necessary closing documents, confirm payoff and proration calculations, and coordinate the final settlement details to ensure funds and signatures are in place. Post-closing, we confirm deed recording and deliver final documentation so clients have a clear record of transfer and any continuing obligations reflected in the transaction.
Step One: Contract Review and Initial Due Diligence
In the initial stage we review the purchase agreement for contingencies, deadlines and obligations, and begin a title search to uncover any recorded matters affecting the property. This stage prioritizes identifying issues that could affect financing or transferability, such as liens, easements or recorded covenants. We advise on inspection contingencies and recommend specific language to protect the client’s position. Early due diligence helps set realistic timelines and informs negotiation strategies for remedying any defects uncovered during title or property review.
Contract Review and Contingency Planning
A careful review of the contract clarifies when inspections, appraisals and financing must be completed and how contingencies are satisfied or waived. We ensure the language sets clear expectations for repairs, credits and closing date adjustments. Identifying deadline dates and required deliverables early reduces the risk of misunderstandings later in the process. Where necessary, we propose contract amendments to allocate responsibilities more clearly and protect the client’s ability to cancel or seek remedies if conditions are not met within agreed timeframes.
Title Search and Initial Title Review
The title search reveals recorded liens, outstanding mortgages, judgments and easements that could affect the buyer’s ownership. We review the title commitment for exceptions and begin efforts to resolve or document plans for items that require payoff or release. Early identification of these matters allows the parties to negotiate who will address them and prevents last-minute surprises at closing. If boundary or survey issues appear, we coordinate with surveyors and the title company to determine the best path forward before the scheduled closing date.
Step Two: Addressing Contingencies and Clearing Title
During this phase we work to satisfy inspection, financing and title contingencies. That may involve negotiating repairs, obtaining an appraisal, securing mortgage underwriting conditions, and resolving liens or recorded objections on the title. We communicate with lenders, title insurers and other parties to obtain necessary clearances and prepare corrective documents when releases, payoffs or endorsements are required. Ensuring contingencies are appropriately documented and resolved is essential to move the transaction to closing without unanticipated delays.
Negotiating Repairs and Credits
If inspections reveal issues, we assist in negotiating repair terms, credits or price adjustments to reflect the condition of the property. Clear written agreements specify timelines for repairs, acceptable standards for work, and remedies if repairs are not completed. When repairs are deferred past closing, we can draft escrow holdbacks or contractual obligations that survive closing to ensure completion. Proper documentation protects both buyer and seller and provides a straightforward mechanism for enforcing agreed-upon remedies if necessary.
Resolving Title Exceptions and Obtaining Clearances
Resolving title exceptions often requires obtaining payoff statements, preparing releases, or requesting endorsements from title carriers. We coordinate with creditors, taxing authorities and title companies to arrange for necessary satisfactions so the deed can be conveyed free of liens except as otherwise agreed. In some cases, additional documentation such as affidavits or corrective deeds may be needed. Addressing these matters before closing reduces the risk of recording issues and helps ensure the buyer receives the intended ownership interest.
Step Three: Closing and Post‑Closing Matters
At closing we ensure the deed and settlement documents accurately reflect the negotiated terms and that funds are disbursed in accordance with the closing statement. We verify prorations for taxes, utilities and HOA fees, confirm that mortgage payoffs are completed and document recording instructions for the deed and any release documents. After closing, we confirm recordings have been processed and provide clients with final copies of recorded deeds and closing statements, and we assist with any post-closing follow-up such as clarifications or document corrections needed by the county recorder.
Preparing Final Closing Documents
Final closing preparation includes assembling the deed, closing statement, any required affidavits and instructions to the recording office. We confirm that all liens to be paid at closing have accurate payoff instructions and that funding sources are confirmed. Reviewing the final documents in advance reduces the likelihood of last-minute revisions that could postpone the closing. This step ensures the transaction completes with a clear record of what each party agreed to pay and receive at settlement.
Post‑Closing Recording and File Completion
After funds are disbursed and signatures collected, we verify the deed and any release documents are recorded with the county recorder and provide clients with copies of recorded instruments. This confirmation step finalizes legal ownership and provides the documentation needed for tax filings and future sales. If any post-closing corrections or clarifications are required, we handle follow-up with the recorder, title company and other parties to ensure the public record accurately reflects the completed transaction and the parties have the documentation they need for their records.
Frequently Asked Questions About Residential Purchases and Sales
What should I do first after signing a purchase agreement?
After signing a purchase agreement, you should immediately review the contract deadlines and contingencies, including inspection and financing timelines, and confirm that earnest money has been deposited per the contract. Contact your lender to ensure underwriting and appraisal processes are underway, and schedule any required inspections promptly. Early action helps maintain momentum and prevents missed contingency dates that could affect your ability to cancel or negotiate further.It is also wise to request a title commitment as soon as possible so any recorded issues can be identified and addressed. If questions arise about contract language, contingencies or title matters, speak with legal counsel to clarify obligations and document any amendments. Proactive communication among buyer, lender, agent and title company reduces the risk of delays later in the transaction.
How long does it typically take to close on a home in Alamo?
Closing timelines vary depending on financing requirements, title conditions and the responsiveness of involved parties. A straightforward, cash transaction may close more quickly, while financed purchases typically require time for underwriting, appraisal, title work and lender review. Many transactions take between thirty and sixty days, but timelines can be shorter or longer depending on contingencies and local practices.Factors that affect timing include the need to clear liens, complete repairs, obtain HOA documents, or satisfy lender conditions. Early coordination and prompt responses to requests for documentation help keep the closing on schedule. If a delay arises, legal counsel can advise on extensions or remedies under the purchase agreement and work to resolve outstanding issues.
What is title insurance and do I need it?
Title insurance protects against certain losses that can arise from defects in the title that were unrecorded or missed in the title search. A lender will usually require a loan policy to protect its interest, and buyers often purchase an owner’s policy to protect their ownership rights. The policy insures against covered defects that existed prior to closing but were not identified, subject to the policy’s exceptions.Whether you need title insurance depends on your risk tolerance and transaction specifics. An owner’s policy provides peace of mind by covering specific title defects and can be an important safeguard, particularly in older properties or where the chain of title has gaps. Reviewing the title commitment helps determine what protections are appropriate for your purchase.
Who pays closing costs and how are they determined?
Closing costs are typically negotiated in the purchase agreement and can be split between buyer and seller depending on local custom and the parties’ bargaining. Common buyer costs include loan origination fees, appraisal and lender-required items, while sellers often pay real estate commissions and payoff of existing mortgages. Taxes, prorations and recording fees are allocated as shown in the closing statement and based on the closing date and local rules.Your contract should specify who pays which costs, and the closing statement will itemize each credit and debit before settlement. Reviewing the closing statement in advance allows both parties to confirm calculations and understand final net proceeds or funds required at closing. Legal review can help ensure costs are allocated consistent with the agreement.
What happens if the inspection reveals major issues?
If an inspection reveals major issues, the buyer and seller typically negotiate remedies, which can include repairs, price reductions, credits at closing or walking away if a contingency allows. The purchase agreement’s inspection contingency governs options and timelines, and a clear written amendment or addendum documents any agreed changes. Prompt negotiation and documentation of the outcome are essential to move the transaction forward without ambiguity.When repairs are agreed upon but cannot be completed before closing, escrow holdbacks or credit arrangements can be used to ensure completion after settlement. Legal counsel can draft the appropriate language to protect both parties by specifying scope of work, funds held in escrow, and a deadline for completion or reimbursement if obligations are not met.
Can I back out during the contingency period?
Whether you can back out during a contingency period depends on the contract’s specific language and whether valid contingency conditions remain unsatisfied. Common contingencies include inspection, financing and appraisal; if a contingency is not met within the timeframe outlined in the purchase agreement and no amendment has been signed, the buyer may have the right to terminate and receive a refund of earnest money as specified.It is important to adhere to notice and deadline requirements when electing to withdraw. Failure to comply with contractual procedures can create disputes over the earnest money or potential breach claims. Consulting with counsel before taking action helps ensure any termination is carried out correctly under the agreement’s terms.
What is an earnest money deposit and how is it handled?
An earnest money deposit is the buyer’s demonstration of good faith and is held in escrow according to the terms of the purchase agreement. It is typically applied to the purchase price at closing if the transaction completes, or refunded under specified contingency conditions such as a failed inspection or financing denial. The agreement should explicitly state where funds are held, who holds them, and the conditions for release or forfeiture.Disputes over earnest money often arise when contingency deadlines are missed or notice requirements are not followed. Clear contract language and timely communication among the parties help prevent disagreements. Legal counsel can assist with interpreting the contract and negotiating settlements if disputes over release of funds arise.
How are property taxes prorated at closing?
Property taxes are prorated at closing so that each party pays taxes only for the portion of the year they own the property. The closing statement will show the seller’s credit and the buyer’s debit (or vice versa) for taxes based on the closing date and the most recent tax assessment or bill. Exact proration methods can vary by county and the timing of tax bills, so the closing agent calculates the appropriate adjustment.Reviewing the proration section of the closing statement clarifies how taxes were computed and avoids surprises. If there are unpaid taxes or a revaluation pending, those items need to be accounted for in the closing figures or addressed through negotiated credits or holdbacks to protect both parties.
Do I need a survey before buying a home?
A survey identifies property boundaries, easements and encroachments and can be particularly important when boundary clarity is a concern, when new construction is planned, or when title exceptions reference surveys. Some lenders or title companies require a recent survey to issue certain endorsements or to clear boundary-related exceptions. Ordering a survey early in the process helps identify potential disputes and determine whether corrective action is needed before closing.If a recent certified survey is not available, the title commitment will often note survey-related exceptions that may need resolution. Discussing the need for a survey early allows time to obtain one and address any issues it reveals, which can prevent delays in recording and provide greater assurance about property lines and rights.
What should sellers disclose when listing their home?
Sellers must disclose known material facts that affect the property’s condition or use, including structural problems, past flooding, termite damage, and known code violations, as required by state and local law. Accurate and timely disclosures reduce the risk of post-closing claims and build buyer confidence. The disclosure form and any addenda should be completed carefully to reflect known conditions and history.Consulting with legal counsel prior to listing helps ensure disclosures meet Tennessee requirements and that any potential liability is addressed proactively. If questions arise about what must be disclosed, early legal guidance helps craft accurate statements and recommend remedies for known issues, such as repairs or negotiated credits.