homeowners' associations; property covenants; disclosures
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill updates Arizona law regarding disclosures required when selling units in condominiums and planned communities. It mandates that sellers provide potential buyers with detailed information about the property, including bylaws, rules, financial records, and any known issues. The bill also establishes fees and penalties for failing to comply with these disclosure requirements, aiming to increase transparency for homebuyers and protect them from undisclosed property defects.
Key provisions
- Requires sellers to provide buyers with detailed disclosures about the association's bylaws, rules, and financial records.
- Establishes a timeline for providing these disclosures within ten days of a purchase offer.
- Specifies the information that must be included in the disclosures, such as assessments, insurance coverage, and pending litigation.
- Allows associations to charge fees for preparing and delivering disclosure documents.
- Creates a civil penalty for failing to comply with disclosure requirements.
- Defines ‘unit owner’ and ‘member’ for the purposes of the bill.
- Outlines exemptions from the disclosure requirements, including sales with public reports and certain conveyances.
- Addresses rush fees and document updates for disclosure reports.
Who is affected
- Homeowners
- Condominium Associations
- Planned Communities
- Real Estate Purchasers
Bill text
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Sponsors
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1 on record
Primary sponsor
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