Real Property - As enacted, creates a vested property right upon the submission, rather than the approval, of a development plan or building permit; specifies that the vesting period applicable when it is based on the submission of a building permit is three years. - Amends TCA Title 13.

HB 1326 changes Tennessee law to establish a property owner's development rights (a "vested right") when they submit a development plan or building permit application to local government, rather than waiting for official approval. This right lasts for three years from the submission date, during which the development standards in effect at the time of submission remain fixed. The bill requires plans to substantially comply with local regulations to trigger this right, and it amends multiple sections of Tennessee law to replace "approval" with "submission" throughout. This directly affects property developers, builders, and local governments by altering when development rights become protected under state law.