Escrow of Deposits

  1. Law
  2. Tennessee Code
  3. Property
  4. Multiple Ownership of Property
  5. Tennessee Condominium Act of 2008 — Units Restricted to Residential Purposes
  6. Escrow of Deposits

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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:

  1. Delivered to the declarant at closing;
  2. Delivered to the declarant because of purchaser's default under a contract to purchase the unit;
  3. Refunded to the purchaser;
  4. Interpleaded into a court of appropriate jurisdiction; or
  5. Disbursed pursuant to a final order of a court of appropriate jurisdiction.


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