A bill sponsored by State Rep. Esther Helton will help streamline property sales for buyers and sellers in Tennessee by aligning state law with current industry practices.
House Bill 407 was signed into law by Governor Bill Lee. Currently, an owner or agent of an owner of any land may not sell, agree to sell, or negotiate to sell or transfer a lot prior to the subdivision plat receiving final approval from the planning commission and is recorded in the appropriate register’s office.
This legislation will allow property owners to negotiate with and sell lots to buyers; however, the close of the sale or the transfer of the property will not occur until the final plat has been approved and reported.
“This is a cleanup bill that will bring Tennessee state law up to date with common practices already taking place in the industry,” Rep. Helton said. “I was proud to carry this legislation that will help buyers and sellers in their efforts to further develop land.”
House Bill 407 was Rep. Helton’s first bill to pass in the 112th General Assembly.