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2021 Tennessee Code
Title 66 - Property
Chapter 27 - Multiple Ownership of Property
Part 5 - Tennessee Condominium Act of 2008 — Units Restricted to Residential Purposes
§ 66-27-506. Escrow of Deposits
Universal Citation: TN Code § 66-27-506 (2021)
Any deposit made in connection with the purchase or reservation of a unit from a declarant shall be placed in escrow and held in this state in an account designated solely for that purpose by a licensed title insurance company or agent of the licensed title insurance company, an attorney, a licensed real estate broker, or an independent bonded escrow company, and shall be deposited in an institution whose accounts are insured by a governmental agency or instrumentality, or any other lawful escrow or trust account, until:
- Delivered to the declarant at closing;
- Delivered to the declarant because of purchaser's default under a contract to purchase the unit;
- Refunded to the purchaser;
- Interpleaded into a court of appropriate jurisdiction; or
- Disbursed pursuant to a final order of a court of appropriate jurisdiction.
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