The bill HB2129 amends the definition of an "improved lot or parcel" in Arizona law to include subdivision lots or parcels for which a contract exists between a subdivider and a purchaser. This contract must obligate the subdivider to construct a condominium within four years of the contract date, expanding the current definition that only covers residential, commercial, or industrial buildings to be completed within two years.

This change allows for greater flexibility in real estate transactions involving condominiums, aligning the construction timeline with that of other types of buildings. The bill does not anticipate any fiscal impact on the state General Fund.

Statutes affected:
Introduced Version: 32-2101
House Engrossed Version: 32-2101
Chaptered Version: 32-2101