AZ SB1511

Amends Arizona Revised Statutes section 33-1241 regarding the organization of condominium unit owners' associations.

Requires a unit owners' association to be organized no later than the date the first unit in the condominium is initially conveyed.

Specifies that association membership shall consist exclusively of all unit owners or, following condominium termination, all former unit owners entitled to distribution proceeds under section 33-1228, or their heirs, successors or assigns.

Allows the association to be organized as a profit or nonprofit corporation or as an unincorporated association.