AZ HB2262

Amends A.R.S. § 33-1228 to modify how unit owner interests are calculated when a condominium is terminated and real estate is sold.

Requires fair market value appraisals of units and common elements to be conducted by an independent appraiser selected by the association, with the appraisal becoming final unless disapproved within 60 days by unit owners holding 50% of votes.

Adds a 5% relocation cost allowance to the fair market value for owner-occupied units when determining compensation to unit owners upon termination.

Allows unit owners to obtain a second independent appraisal at their own expense; if the second appraisal differs by 5% or less from the association's appraisal, the higher amount is final; if it differs by more than 5%, the parties proceed to binding arbitration at the association's expense.

Declares void any declaration provisions conflicting with the new appraisal and compensation provisions in subsection G, paragraph 1, effective immediately for all Arizona condominiums regardless of creation date.