Amends TCA Title 66.
Tennessee SB1079 amends the Tennessee Condominium Act to modify the handling of deposits made in connection with the purchase or reservation of condominium units. It affects purchasers and declarants by requiring that deposits up to 10% of the purchase price be placed in escrow, while allowing the declarant to access these funds for actual construction costs under certain conditions. Key provisions include stipulations for the use of funds, requirements for contracts to include specific language regarding the use of deposits, and the establishment of separate escrow accounts for deposits exceeding 10%.
Tennessee SB1079 amends the Tennessee Condominium Act to modify the handling of deposits made in connection with the purchase or reservation of condominium units. It affects purchasers and declarants by requiring that deposits up to 10% of the purchase price be placed in escrow, while allowing the declarant to access these funds for actual construction costs under certain conditions. Key provisions include stipulations for the use of funds, requirements for contracts to include specific language regarding the use of deposits, and the establishment of separate escrow accounts for deposits exceeding 10%.
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