Insurance Companies, Agents, Brokers, Policies - As introduced, authorizes a purchaser or borrower in a real property transaction to select the settlement agent to perform certain duties; authorizes the seller to retain a licensed attorney in this state to represent the seller's interests in such transaction; prohibits the designated settlement agent from collecting certain transaction-related fees from a represented seller without consent of the seller's attorney. - Amends TCA Title 56, Chapter 35 and Title 66.

HB 137 gives home buyers or borrowers in Tennessee the exclusive right to select the company that handles the closing of a real estate transaction (called a settlement agent). It also allows sellers to hire their own attorney to represent them during closing, and prohibits the settlement agent from charging the seller certain fees without the attorney’s written consent. The law takes effect on July 1, 2025, and applies to all real property transactions in the state. This change ensures buyers control the closing process while giving sellers access to independent legal representation.