The proposed bill would update current statutes governing homeowners' associations (HOAs) and property covenants by introducing new requirements for the sale of condominium and planned community units. Key changes include clarifying that private covenants must not violate public policy and allowing property owners to challenge the validity of such covenants in court. The bill also mandates that unit owners in condominiums with fewer than 50 units must electronically transmit specified information to purchasers within 10 calendar days after acceptance of an offer, with similar requirements for larger condominiums and planned communities. Additionally, it modifies the information that must be provided to purchasers, including details about declarant control and the percentage of units owned by an owner. The bill proposes to omit the declarant's requirement for initial sales of a condominium unit to provide purchasers with prescribed documents related to the disclosure report and removes language relating to mandatory assessment restrictions and emergency spending stipulations for planned communities. It also mirrors revisions made to the Condominium statutes within the Planned Community statutes for consistency and makes clarifying changes to enhance understanding. Overall, these updates aim to streamline the legal framework, enhance transparency, and protect the rights of property owners in Arizona.

Statutes affected:
Introduced Version: 33-440, 33-1260, 33-1802, 33-1803, 33-1806, 33-1202, 33-2202, 33-1256, 33-442, 33-1243, 33-1253, 32-2183, 32-2197.02, 32-2181.02, 11-1134, 33-1801, 32-2199.01