Tennessee Code 62-13-501 – Part definitions – Form of notice
As used in this part, unless the context otherwise requires:
Terms Used In Tennessee Code 62-13-501
- Broker: means any person who, for a fee, commission, finders fee or any other valuable consideration or with the intent or expectation of receiving a fee, commission, finders fee or any other valuable consideration from another, solicits, negotiates or attempts to solicit or negotiate the listing, sale, purchase, exchange, lease or option to buy, sell, rent or exchange for any real estate or of the improvements on the real estate or any time-share interval as defined in the Tennessee Time-Share Act, compiled in title 66, chapter 32, part 1, collects rents or attempts to collect rents, auctions or offers to auction or who advertises or holds out as engaged in any of the foregoing. See Tennessee Code 62-13-102
- Commercial real estate: means any real estate other than:
(i) Real estate containing one (1) to four (4) residential units. See Tennessee Code 62-13-501 - Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Notice: means a notice specifically referencing an agreement entered into after October 1, 1997, to pay commissions in any brokerage contract or lease or memorandum of the foregoing, sworn to and executed by the broker, identifying the subject real estate by lot and block number or by a metes and bounds description and in the form of notice set out in this subdivision (3) and containing only the information provided for in the form, recorded as provided for in §. See Tennessee Code 62-13-501
- Owner: means the person or persons to whom the fee interest of real estate is titled and does not include a lessee or renter. See Tennessee Code 62-13-501
- Party: means any person or persons seeking to obtain or divest an interest in real estate or a business opportunity as a buyer, seller, landlord, tenant, option grantee or option grantor. See Tennessee Code 62-13-102
- Person: means and includes individuals, corporations, partnerships or associations, foreign and domestic. See Tennessee Code 62-13-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Real estate: means and includes leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, situated in this state. See Tennessee Code 62-13-501
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Subsequent owner: means a transferee or purchaser of commercial real estate from the owner or from a previous subsequent owner, but will not include the transferee or purchaser of commercial real estate pursuant to a sale conducted pursuant to title 67, chapter 5, part 25. See Tennessee Code 62-13-501
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
NOTICE OF AGREEMENT TO PAY LEASING COMMISSION
THIS NOTICE is made as of this ____________________ day of ____________________, ____________________, in accordance with the provisions of T.C.A. Section 62-13-501. The undersigned [Name of Broker][address] makes claim to fees or commissions with respect to the following real property located in the State of Tennessee [property must be identified below by County and City (if any) and by either lot and block or subdivision number, or metes and bounds description].
County: ______________
City: ______________
Lot And Block No. or Subdivision/Development Name: ______________
______________
Property (Metes and Bounds) Description (either fill in here or attach Exhibit):
______________
______________
______________
______________
______________
______________
[The Broker], is entitled to be paid certain leasing fees or commissions as a result of securing a tenant for the real property from the above-described real property pursuant to one or more provisions of the following written instrument (the “Instrument”):
Name/Title of Instrument: ______________
Date of Instrument: ______________
Name of Parties to Instrument: ______________
______________
______________
The Owner of the Property Is: ______________
[NOTE: Any party seeking details or any other information regarding the Instrument shall rely only on the Instrument. Without the express written consent of all parties to the Instrument, neither the Instrument nor any other information regarding the Instrument shall be included in this Notice.]
THIS NOTICE made for the purpose set out above to be effective as of the day and date first above written.
STATE OF ______________
COUNTY OF ____________________
The Undersigned Broker, being first duly sworn, hereby certifies that the foregoing Notice of Agreement to Pay Leasing Commission is true and correct, and that the agreement to pay leasing fees or commissions remains in force and has not been terminated.
This the ____________________ day of ____________________, ____________________
BROKER:
____________________
By:
____________________
Print Name:
____________________
Title:
____________________
[NOTE: Insert the appropriate acknowledgment form as required by law and have the broker’s signature properly acknowledged.];