An affiliate broker in Tennessee is advising a buyer client who is purchasing a property at a non-judicial foreclosure auction. The buyer asks the affiliate broker what type of deed they will receive and what protections it provides. Which of the following responses most accurately reflects Tennessee law?
Correct Answer
B) You will receive a trustee's deed with no personal warranty; you should conduct a title search and purchase title insurance before bidding
In a Tennessee non-judicial foreclosure sale under Tenn. Code Ann. § 35-5-101, the trustee conveys the property to the purchaser via a trustee's deed, which typically carries no personal warranty from the trustee. Additionally, Tennessee does NOT provide a statutory right of redemption after a non-judicial foreclosure sale. The affiliate broker's advice to perform a title search and purchase title insurance before bidding reflects sound professional practice and accurately describes the buyer's risk exposure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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