ABC15 published a report this week about a law that has been a source of major controversy in Arizona and which every condominium owner should be aware: it is a law that forces Arizona condominium owners to sell their homes when investors purchase and own up to 80% of the available units. We at RSN Law wanted to share some general insights into the Arizona Condominium Act and the law regarding a possible forced sale of condominiums via this termination clause.
RSN Law wants to ensure condominium owners understand their rights and they receive a fair resolution if they find themselves involved in a forced condominium termination in Arizona.
What is the Arizona Condominium Act and Termination Law?
The Arizona Condominium Act details the general provisions and laws that govern condominium communities in the state. In particular, A.R.S. 33-1228, allows (by the impact of its language) an investor to purchase 80% of the units in a complex, take charge of the homeowner association, and via the Termination Clause, terminate the Association and force the remaining 20% of owners to sell at a market value determined by an appraiser chosen by the now “investor-run association”.
Per the report by ABC15 on May 17th, individual condominium owners are being forced to sell their homes all over the Valley of the Sun. As the report details, one of the common points of contention in these cases is the fair market value of the home and the appraisal process. Despite the investor-led association forcing a sale, the aggrieved homeowners are entitled to an independent appraisal and arbitration to determine the final fair market value if the competing appraisals are more than five percent different.
Real Estate Attorney for a Forced Condo Sale in Arizona
If you are a condominium owner in a community being sent a termination letter from your newly-elected board via the Arizona Community Act, the attorneys at RSN Law can represent your interests to try and recover a fair market value for your property and the appropriate share of limited common elements. We understand being forced to sell your home would be frustrating for anyone and assist our clients in making the process as stress free and fair as possible. Contact us today at 480-712-0035 to make an initial appointment to review your condominium case or make an appointment on our contact us page.
RSN Law intends this article to be for informational purposes, not to be relief on a specific legal matter, and does not create an attorney-client relationship.