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. Currently, unit owners receive their fair market value plus a five percent relocation cost for owner-occupied units. The bill increases this relocation cost to ten percent and mandates that all closing costs be covered. Additionally, it stipulates that fair market value must be determined by an independent appraisal, which must consider comparable sales and be conducted by a licensed appraiser. The bill also clarifies that the fair market value cannot be reduced by recent special assessments or fees.

Furthermore, 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 board of directors must provide annual notices to unit owners regarding the total number of units and ownership details. The bill aims to address inequities faced by condominium owners in forced sales and seeks to ensure fair compensation for their property rights, asserting that these provisions will apply retroactively to all condominiums in the state.

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