Bill > HB2817

This bill modifies Arizona's laws regarding condominium terminations to provide enhanced protections for unit owners. For condominiums created on or after September 24, 2022, termination now requires 95% agreement of unit owners, up from the previous 80%. The bill introduces more detailed provisions for determining fair market value during a termination, including requiring an independent appraisal that considers factors like unit size, age, and amenities. Owner-occupied units will now receive an additional 10% (increased from 5%) for relocation costs, along with closing costs and title insurance. The bill mandates that associations provide annual notices to unit owners about potential termination, including the total number of units and ownership details. The legislative intent section emphasizes protecting condominium owners from investors who might unfairly acquire and terminate properties, noting that the changes are designed to ensure fair compensation and address historical inequities in the termination process. Notably, the bill is intended to apply retroactively to all condominiums in Arizona, regardless of when they were established, with the goal of providing more equitable treatment for unit owners facing potential forced sales.

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https://apps.azleg.gov/BillStatus/BillOverview/83288