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AZ SB1149

Bill

Status

Passed

4/12/2011

Primary Sponsor

Andy Biggs

Click for details

Origin

Senate

Fiftieth Legislature - First Regular Session (2011)

AI Summary

  • Reduces timeframe for associations to provide resale disclosure statements from 15 to 10 days after receiving notice of pending sale.

  • Caps aggregate fees for resale disclosure, lien estoppel, and transfer-related services at $400, plus allows rush fees up to $100 and update fees up to $50, with annual increases limited to 20%.

  • Prohibits associations from charging fees for for-sale signs and restricts when associations can regulate sign placement, while also prohibiting associations from charging fees for certain sign uses.

  • Forfeits association lien rights for 6 consecutive months if association violates restrictions on for-sale sign regulation in condominiums and planned communities.

  • Requires associations to provide statement summarizing pending lawsuits (excluding assessment collection suits against other unit owners) as part of resale disclosures, and specifies that fees may only be collected at close of escrow.

Legislative Description

Planned communities; condominiums; document fees

Last Action

Governor Signed

4/12/2011

Full Bill Text

No bill text available