By Howard Fischer | Capitol Media Services
PHOENIX — State lawmakers are moving to ensure that if you like your condo, you can keep your condo.
The House voted Thursday to repeal laws that allow any investor who acquires 80% of the units in any condominium complex to then force the owners of the other 20% to sell.
The 45-14 bipartisan tally now sends the measure to the Senate.
At issue are longstanding laws that deal with real estate developments of condos, where areas are designated for individual ownership, with the balance considered common ownership.
Those laws also set up procedures to dissolve condo agreements, including saying that can be done with the consent of at least 80% of the owners.
