Housing

SB 1079 requires developers (called "declarants") to hold the first 10% of a condo buyer's deposit in a state-licensed escrow account until construction is complete. Developers can access these funds only if they provide a surety bond or letter of credit guaranteeing full repayment to the buyer if construction delays prevent unit delivery. Deposits exceeding 10% may be used for actual construction costs (like materials and labor), but not for salaries, commissions, or advertising. The law applies to new condo contracts signed or amended on or after July 1, 2025.

SB 806 changes Tennessee eviction procedures for cases based on nonpayment of rent. It requires eviction trials to occur within 14 days of filing (down from a previous minimum of 6 days), limits court hearings to only rent-related issues like lease terms and payment history, and gives tenants 7 days to move after a judgment. This directly affects tenants facing eviction and landlords filing nonpayment lawsuits. The bill aims to streamline the process while narrowing court focus to rent disputes.