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ARIZONA STATE SENATE
Fifty-Sixth Legislature, Second Regular Session
improved lot or parcel; definition
Purpose
Adds, to the definition of an improved lot or parcel, a subdivision lot or parcel concerning which a contract between a subdivider and a purchaser obligates the subdivider to construct a condominium within four years after the date of the contract.
Background
An improved lot or parcel is a lot or parcel of a subdivision on which there is a residential, commercial or industrial building or concerning which a contract has been entered into between a subdivider and a purchaser that obligates the subdivider directly, or indirectly through a building contractor, to completely construct a residential, commercial or industrial building on the lot or parcel within two years after the date on which the contract of sale for the lot is entered into. A subdivider: 1) means any person who offers for sale or lease six or more lots, parcels or fractional interests in a subdivision or who causes land to be subdivided into a subdivision for the subdivider or for others, or who undertakes to develop a subdivision; and 2) does not include a public agency or officer authorized by law to create subdivisions (A.R.S. § 32-2101).
A condominium is real estate of which portions are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of the separate portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the unit owners (A.R.S. § 33-1202).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Adds, to the definition of an improved lot or parcel, a lot or parcel of a subdivision concerning which a contract has been entered into between a subdivider and a purchaser that obligates the subdivider directly, or indirectly through a building contractor, to completely construct a condominium on the lot or parcel within four years after the date on which the contract for sale is entered into.
2. Becomes effective on the general effective date.
House Action
LARA 1/29/24 DP 9-0-0-0
3rd Read 2/15/24 58-0-1-0-1
Prepared by Senate Research
February 29, 2024
RA/SDR/cs