(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.
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
(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.
