Title: Establishes Regulations for the Termination of Condominiums
Signed by Governor Doug Ducey
Title: Establishes Regulations for the Termination of Condominiums
Vote to concur with Senate amendment and pass a bill that establishes new regulations for the termination of condominiums.
Authorizes the termination of condominiums only by 80% of the votes of the association of unit owners, by eminent domain, or by any larger or smaller percentage as specified in the termination declaration (Sec. 2, Pg. 3).
Specifies that condominiums created on or after the passage and approval of this act will require 95% of unit owner votes to be terminated, with all the other above scenarios also applying (Sec. 2, Pg. 3).
Requires a termination agreement to be created to validate the termination of condos (Sec. 2, Pg. 2).
Authorizes the board of directors of the owners association to contract for the sale of property on behalf of the unit owners (Sec. 2, Pgs. 3 & 4).
Repeals Laws 2021, Chapter 405, Section 51 (Sec. 3, Pg. 5).
Title: Establishes Regulations for the Termination of Condominiums
Title: Establishes Regulations for the Termination of Condominiums
Title: Establishes Regulations for the Termination of Condominiums