Planned communities

Question 1

Planned community

Answer 1

Under Arizona law, a planned community is defined as real estate development that includes real estate owned by an association (HOA)

Question 2

HOA

Answer 2

Arizona corporation commission

Question 3

Within 10 days of receipt of written notice of a pending sale the buyer must be provided with the following

Answer 3

1.) copy of the bylaws in association rules.
2.) copy of the planned community declaration.
3.) name of the principal contract of association
4.) account of association assessments.
5.) statement as to whether a portion of the unit is covered by insurance paid by the association.
6.) total amount of the money held as reserves.
7.) a copy of the current operating budget and most recent annual financial report of the association.
8.) whether there are any alterations or improvements to the unit that violate the community declaration.
9.) information regarding litigation pending against the unit, owner by the association or against the association by the unit owner

Question 4

If community is less than 50 units

Answer 4

Seller must provide the information

Question 5

50 units or more

Answer 5

Association must provide the information

Question 6

The board of directors of association must meet at least

Answer 6

Annually and there must be an annual audit of the Hoa financial accounts. Meetings must comply with open meeting law requirement