House of Representatives

HB 2023

sale of subdivided lands

Sponsors: Huffman, Leff, Somers

x	Committee on Commerce and Economic Development
	Committee on RULES
	Caucus and COW
	As Passed the House

HB 2023 creates an exemption from the public report requirement as mandated by Arizona real estate law.

History

Arizona law currently requires persons who sell more than five lots in a subdivision to obtain a subdivision public report with the Department of Real Estate and provide a copy of the report to the purchaser. Certain disclosure information must be included, such as availability of utilities, condition of title, method of sale and proximity to public services.

Provisions

· Adds an exemption from the public report requirement to allow the sale of an improved subdivision lot [one with a dwelling]. Conditions for the exemption include:

1. Within the prior 12 months, the seller has not had an ownership interest in more than two lots in the subdivision.

2. The sale is the first or second within the previous twelve month period.

3. Water and sewage service, streets, roads, and common areas (landscape and recreational facilities) are complete and maintained by appropriate county, town, city, or by the legally created planned community association.

4. Monies are deposited and held in a neutral escrow account.

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8. 44th Legislature

9. Second Regular Session 2 January 12, 2001

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