Tennessee

• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.

Transfer title of a real estate property in Tennessee from a seller to a trustee with this Tennessee Deed of Trust form.

• A Deed of Trust can be used in place of a mortgage in the sale and purchase of real estate (other than agricultural farm land).
• Title to the property is conveyed by the seller to a trustee instead of to the purchaser. The trustee holds the title as security for performance of the purchaser's obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
• If the purchaser (borrower) defaults in payment, the balance becomes due and payable and the trustee may sell the property.
• The Deed of Trust contains uniform covenants regarding payments, funds for taxes and insurance, prior mortgages, hazard insurance, occupancy as principal residence, care and maintenance of the property, protection of the lender's security, and other standard clauses.
• The borrower waives all homestead exemptions or other statutory right or redemption in the property that he/she may be entitled to under State law.