Real Property - As enacted, adds requirements for declarant access to and use of deposits made in connection with the purchase or reservation of a condominium unit; makes other similar changes. - Amends TCA Title 66.

HB 871 requires developers (called "declarants" in the bill) to place up to 10% of a buyer’s deposit for a condo unit into a state-protected escrow account until construction begins. Developers can access these funds only if they provide a surety bond or letter of credit guaranteeing refund to the buyer if construction delays. Deposits exceeding 10% (after construction starts) may be used for actual construction costs - like materials or permits - but not for salaries, commissions, or advertising. The law directly affects condo buyers and developers by strengthening buyer protections and clarifying how deposits can be used, applying to new contracts after July 1, 2025.