SB 1084, sponsored by Senator Barto, would change condo takeover law
Arizona condominium owners are at risk for the takeover of their homes thanks to a little known law on the books.
The Arizona condominium termination act allows for the disbanding of an association if 80 percent of the owners agree. The additional twenty percent would have to sell at "fair market value." But some question who gets to determine what is fair.
Typically investors buy out enough owners to become the 80 percent and force the additional owners out. Then the appraiser of their choosing decides what a fair number is.
We've done several stories about the people who have gotten caught in the law and they say nothing about what has happened to them is fair.
State Senator Nancy Barto (R-Phoenix) says she wants that to change.