Whether it’s a family farm, a lake lot, a residential or commercial parcel, real estate issues come up more often than not. Disputes involving incorrect legal descriptions, easements, water agreements, or quite simply how the property is titled gets our attention at our law firm.
There are different types of property deeds. A quitclaim deed in Tennessee transfers property with no warranty from the seller to the buyer. Any debts and encumbrances come with the property. Quitclaim deeds are common with interfamily transfers, divorce transfers, re-marriage, and transfers made from a probate estate.
A warranty deed in Tennessee conveys title of the property and warrants that the property is free and clear of all liens, mortgages, or encumbrances against the property.
Property may be titled different ways in Tennessee.
- Tenants by Entirety: This is how married couples own property in Tennessee. For one spouse to modify his or her interest in the property in any way, the consent of both spouses is required. On death, the property automatically is owned by the surviving spouse.
- Tenants in Common: Tenants in common in Tennessee jointly own the property and each have a right of possession and entry. If a tenant dies, their interest conveys to their estate and not the other tenants. For example, siblings may own property together.
- Tenants in Common with Right of Survivorship: Similar to tenants in common in Tennessee, however, if one tenant dies, the surviving tenant owns the property outright.
A life estate deed in Tennessee is a deed that retains ownership of the individual(s) who currently own it and conveys the remainder interest to someone else. For example, a parent may retain the life estate and convey the remainder interest (on death) to their children. The life tenant utilizes and maintains the property during their lifetime. On death, the property automatically belongs to the holder of the remainder interest.
Deeds must be recorded in the county where the property is located. This provides constructive notice of the transfer.