This bill proposes several updates to the Arizona Revised Statutes concerning condominiums, specifically amending sections 33-1228 and 33-1260, and adding section 33-1262. Key changes include the adjustment of compensation for unit owners upon termination of a condominium, where owner-occupied units will receive an additional ten percent for relocation costs, along with all closing costs. The bill mandates that the fair market value of units be determined by an independent appraisal, which must consider comparable sales and be conducted by a licensed appraiser. It also clarifies that the fair market value will not be diminished by recent special assessments or fees imposed by the association.

Additionally, the bill introduces new requirements for disclosures to potential buyers, including statements about the possibility of condominium termination by a supermajority vote and the governance of the condominium by recorded covenants. It also establishes that the provisions of the bill will apply retroactively to all condominiums, ensuring that current owners are afforded the protections and compensations outlined in the new law. Overall, these changes aim to address inequities faced by condominium owners in forced sales and enhance their rights and compensation during the termination process.

Statutes affected:
Introduced Version: 33-1228, 33-1260, 33-1262, 33-1256, 32-2183, 32-2197.02, 32-2181.02, 11-1134