I see you are in Tennessee, and I'm not, so I don't know just what "transferred" means to you. To me it means running the sale through an FFL, who will verify that the buyer is not a prohibited person and who will handle taking a Form 4473 for posterity. Really, all that accomplishes is to verify that you can legally buy the gun -- presumably, you already know that. I'm not sure how that would provide any additional security to you that the gun was not stolen 'X' number of owners ago. A background check on a buyer is a background check on the buyer, not a check on the firearm.
That is basically what I am meaning but I guess Tennessee's system is different from your state because it also runs a check on the gun. I know this because I tried buying a used Colt Commander at a store in Nashville back in the summer and the sale was refused because the gun came back stolen. The store owner said he ran a check on it when he took it in trade but apparently between then and when I tried to buy it it was reported as stolen. That situation is actually the reason I have become so worried about making sure a gun has a clear history before I buy it.