Lucky Squire Condominium Association

What Lucky Squire Condominium Association's governing documents say

This is an amendment to the governing documents of Lucky Squire Condominium, a condominium community in Sun City West, AZ. It introduces a Capital Preservation Assessment — a one-time fee paid by new owners when they purchase a unit. The fee is intended to fund capital improvements to common areas.

• Capital Preservation Assessment (transfer fee): When you buy a unit, you must pay a Capital Preservation Assessment equal to three times the then-current monthly assessment amount. The fee is due immediately upon becoming the owner and is a personal obligation secured by the association's lien.
• Exemptions from the fee: No fee is charged for transfers by inheritance (devise or intestate succession), estate planning transfers, or transfers to a corporation/partnership/entity where the grantor owns a majority interest — unless the board determines the transfer was mainly to avoid the fee.
• Use of funds: The fees are deposited into a separate account, not commingled with other association funds, and are used exclusively for capital improvements as allowed by Arizona law (A.R.S. § 33-442).
• What this document doesn't cover: This document is a partial amendment and does not contain the full set of community rules. It does not cover topics such as leasing restrictions, pet limits, age restrictions, parking, architectural standards, or assessment amounts beyond the capital preservation fee.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.