House of Representatives

HB 2023

sale of subdivided lands

Sponsors: Huffman, Leff, Somers

DP	Committee on Commerce and Economic Development
DPA	Caucus and COW
x	As Transmitted to the Governor

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.

· Amends the public report exemption by changing the number of lots sold in a subdivision to include the sale of five or more lots.

---------- DOCUMENT FOOTER ---------

44th Legislature

Second Regular Session 2 April 26, 2001

---------- DOCUMENT FOOTER ---------