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 determination of fair market value for owner-occupied units, which will now require an independent appraisal based on comparable sales, and the inclusion of relocation costs and closing costs in the compensation for unit owners. The bill also clarifies that if there is a disagreement on the fair market value, either the unit owner or the buyer can submit the issue to arbitration, with the arbitration amount being the final sale amount.

Additionally, the bill introduces new provisions that require the board of directors to notify unit owners annually about the potential for condominium termination and the number of units owned by each owner. It also establishes that the statutory provisions governing condominium acquisition and termination, which have remained unchanged for many years, will be retroactively applied to all condominiums in the state. This aims to address inequities faced by condominium owners during forced sales and ensure they receive fair compensation for their property rights.

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