Amends TCA Title 66.
Tennessee HB0871 amends the Tennessee Condominium Act to establish new requirements for deposits made in connection with the purchase or reservation of condominium units from a declarant. It affects buyers and declarants of condominium units, requiring that deposits up to 10% of the purchase price be placed in escrow and allows declarants to access these funds for actual construction costs under specific conditions. The bill also mandates that contracts include clear language regarding the use of deposits for construction purposes and outlines the conditions under which funds can be disbursed.
Tennessee HB0871 amends the Tennessee Condominium Act to establish new requirements for deposits made in connection with the purchase or reservation of condominium units from a declarant. It affects buyers and declarants of condominium units, requiring that deposits up to 10% of the purchase price be placed in escrow and allows declarants to access these funds for actual construction costs under specific conditions. The bill also mandates that contracts include clear language regarding the use of deposits for construction purposes and outlines the conditions under which funds can be disbursed.
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