Though optional, an additional person (the “guarantor”) who will also be responsible for the lender’s payment may be named in the deed. If a default of the agreement occurs, the borrower risks losing ownership of their property. The real estate in question can be seized without involving the court through a non-judicial foreclosure, which is more efficient than a court-ordered foreclosure.
- Statutes: §§ 35-5-101 to 35-5-119
- Formatting: § 66-5-103, § 66-24-110, § 67-4-409(b)(5)(c). Counties may have additional formatting requirements.
- Signing Requirements (§ 66-22-101): Notary Public or Two (2) Witnesses
- Where to Record (§ 66-5-106): County Register of Deeds
- Recording Fees (§ 8-21-1001): $12 ($10 registration fee + $2 service fee) for the first two (2) pages, $5 for each additional page.
Related Forms (1)
Tennessee Promissory Note – Allows a lender to outline the terms of repayment for a borrower.
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