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ARIZONA HOUSE OF REPRESENTATIVESFifty-sixth Legislature Second Regular Session |
House: LARA DP 9-0-0-0|3rd Read 58-0-1-0-1
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HB 2129: improved lot or parcel; definition
Sponsor: Representative Griffin, LD 19
Transmitted to the Governor
Overview
Modifies the definition of improved lot or parcel to include a condominium.
History
Current law defines improved lot or parcel to mean a lot or parcel of a subdivision on which there is a residential, commercial or industrial building, or for which a contract has been entered into between a subdivider and a purchaser that obligates the subdivider directly or indirectly, through a building contractor, to completely construct a residential, commercial or industrial building on the lot or parcel within two years after the date of the contract (A.R.S. § 32-2101).
Condominium is defined as real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of the separate portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the unit owners (A.R.S. § 33-1202).
Provisions
1.
Modifies the definition of improved
lot or parcel to include a condominium that is completely constructed
within four years of the subdivider entering a contract for sale. (Sec 1)
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HB 2129
Initials EB/KK Page 0 Transmitted
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