Senate Bill 1985, also known as the "Tennessee Real Estate Consumer Fraud Protection Act," introduces several amendments to existing Tennessee laws regarding real property transactions. Notably, it requires foreign title insurance companies to maintain an office in Tennessee as long as any liability remains outstanding. Additionally, the bill mandates that the premium for title insurance be shared equally between the buyer and seller. It also stipulates that contracts for the conveyance of real property to non-residents must designate an agent within the state for service of process. Furthermore, the bill establishes that deeds for real property must be prepared by a licensed attorney, with a provision that any deed not prepared by an attorney after July 1, 2026, may be declared void.

An amendment to the bill specifies that the description of real property in a deed must be prepared by a registered land surveyor or a licensed attorney using a survey from a registered land surveyor. This amendment aims to ensure accuracy in property descriptions and enhance the integrity of real estate transactions. The act is set to take effect on July 1, 2026, ensuring that the public welfare is prioritized in these legislative changes.

Statutes affected:
Introduced: 56-35-109
Amended with HA0853 -- 03/30/2026: 56-35-109, 66-5-105