A few AZ State bills to note...

The State of Arizona legislature session ended last week and here are a few of the highlights.

HOA For Sale Sign SB 1062 - SUCCESS!

This legislation provides for a pivotal change in state statute responding to a growing pattern of over regulation by HOA boards against property sellers attempting to market and sell their properties. Arizona property owners living in these association communities will now be permitted to display an industry-standard for sale sign and sign rider to market their property.

Yep, this means on September 19th if you live in a HOA that does not allow 'For Sale' signs to be displayed, that you will be able to post your own for sale by owner sign or your REALTOR of choice will be able to post. I know of only one subdivision that doesn't allow signs to be posted in Kingman (or at least enforces the written CC&R's) and that is Walleck Ranch.

Appraisal Exemption for Real Estate Licensees SB 1291 - SUCCESS!

This statutory change was crafted by AAR very late this session in direct response to an attempt by the real estate appraisal board to impact the customary broker opinions of values/broker’s price opinion (BOV/BPO) that are a component in client discussions and listing decisions. New language removes the potential for ambiguity and industry conflict. This measure contains an emergency clause and will be effective upon the Governor’s signature.

This one is directly related to Zillow.com that I've posted about before.

County Transfer Tax for Affordable Housing HB 2762 – DEFEATED!

This session brought a live bill proposing the establishment of a real estate transfer tax with much of the justification for the new revenue stream ironically being linked to the shortage of affordable housing in Arizona. Like other real estate transfer tax proposals put forth each year, this bill was defeated.

Once again the local and state REALTORS Association stepped up for all to defeat this transfer tax that would have meant that sellers would have to pay a tax out of their proceeds of sale to transfer property. This surely would have added another negative affect on the already slowing sales market.

Escrow Interest for Lawyers HB 2733 – DEFEATED!

This bill would have attached the interest from monies being held in interest-bearing real estate escrow accounts and diverted it to the Arizona State Bar Association, a division of the state government’s judiciary. The monies would then have been spent on attorney programs and to fund additional lawsuits.

This one just for giggles. Just what this society needs right?? More lawsuits. Yeesh, nice try lawyers.