§ 29-27-311 — Report of open-market sale

(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 . (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.

Legislative History

Added by 2022 Tenn. Acts, ch. 1109, s 1, eff. 7/1/2022.