(a) Unless required to do so within a shorter time by part 2 of this chapter or by the court in the court’s discretion, a broker appointed under § 29-27-310(b) to offer heirs property for open-market sale shall file a report with the court and serve a copy on all parties no later than seven (7) days after receiving an offer to purchase the property for at least the value determined under § 29-27-306 or § 29-27-310.
lawyer at desk

Ask a litigation question, get an answer ASAP!
Thousands of highly rated, verified litigation lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 29-27-311

  • Heirs property: means real property held in tenancy in common that satisfies all of the following requirements as of the filing of a partition action:
    (A) There is no agreement in a record binding all the cotenants that governs the partition of the property. See Tennessee Code 29-27-302
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(b) The report required by subsection (a) must contain the following information:

(1) A description of the property to be sold to each buyer;
(2) The name of each buyer;
(3) The proposed purchase price;
(4) The terms and conditions of the proposed sale, including the terms of any owner financing;
(5) The amounts to be paid to lienholders;
(6) A statement of contractual or other arrangements or conditions of the broker’s commission; and
(7) Other material facts relevant to the sale.
  Previous section
Next section  
 Part 3 Contents