ARIZONA HOUSE OF REPRESENTATIVES

HB 2262: condominiums; termination; appraisals

PRIME SPONSOR: Representative Toma, LD 22

BILL STATUS: Commerce

Abstract

Relating to the termination of a condominium association.

Provisions

1. Establishes that upon termination of a condominium voted by 80% of the condominium owners association, the unit owner receives an additional 5% of the appraisal cost for relocation costs.  (Sec. 1)

2. Directs the condominium association to select an independent appraiser to determine the FMV of the condominium.  (Sec. 1)

3. Gives unit owners 60 days to object to the association's appraisal.  (Sec. 1)

4. Permits a second independent appraisal at the unit owner's expense.  (Sec. 1)

5. Stipulates that if the independent appraisal is greater than the original association's appraisal, the unit owner must be paid the average of the two amounts plus an additional 5% of that amount for relocation costs. (Sec. 1)

6. Makes technical changes. (Sec. 1)

7. Contains an applicability clause.  (Sec. 2)

Current Law

A condominium may be created by recording a declaration in the same manner as a deed in the county where the condominium is located. The declaration is in the name of the condominium, the name of the association and as required by law.  (A.R.S. § 33-1211)

A condominium association agreement may be terminated if 80% of the condominium association approves.  Unit owners are allowed 30 days to object to the association's appraisal as outlined.  (A.R.S. § 33-1228)

---------- DOCUMENT FOOTER ---------

Fifty-third Legislature                  HB 2262

Second Regular Session                               Version 1: Commerce

---------- DOCUMENT FOOTER ---------