Sample report — illustrative only. Fictional Arizona property used for demonstration.

Sample report — Arizona

Sonoran Vista Estates, Scottsdale, AZ

215-unit master-planned community, built 2009

Overall riskElevated

Amenity-heavy operating budget masks a meaningful reserve gap, the ARS 33-1260 disclosure is complete but the reserve study isn't part of the statutory packet, and bylaws still reference pre-SB 1494 foreclosure thresholds. The master policy is current and the insurance market is stable.

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Key findings

Arizona-specific findings

Elevated

Operating Budget, lines 14–22 + Reserve Study summary

Amenity-heavy operating budget masks reserve gap

What we found: Operating budget allocates $890K to amenities (clubhouse, pool, golf, racquet) but only $148K/year to reserves against a $4.2M 10-year capital schedule. Reserve study (5 years old) recommends $245K/year.
Why it matters: Amenity-heavy associations in master-planned Arizona communities often run dues current while reserves drift. The gap shows up as a special assessment 3–5 years out.
What to ask: When did the board last refresh the reserve study? What's the explicit funding-plan path back to 100%?

Concerned about this finding on your documents?

Moderate

Resale Disclosure Packet, p. 1–4

ARS 33-1260 disclosure complete but no reserve study attached

What we found: Disclosure packet includes the statutory items under ARS 33-1260 — financial statements, current dues, pending assessments, governing documents. The reserve study itself is not part of the statutory packet.
Why it matters: Arizona statute does not require the reserve study in resale disclosure. Buyers must request it separately or rely on the budget alone for capital adequacy assessment.
What to ask: Will the seller request the reserve study from the association? What's the timeline?

Concerned about this finding on your documents?

Moderate

Bylaws § 7.4 + ARS 33-1807

SB 1494 lien threshold raises exposure for delinquent owners

What we found: SB 1494 (2022) raised the threshold for HOA-initiated foreclosure to $1,200 or one year of delinquency. Bylaws still reference the prior $1,200/$1,500 threshold pattern.
Why it matters: The statutory threshold is now the operative number; bylaws references can confuse owners about their actual exposure. Worth confirming with counsel.
What to ask: When will bylaws be updated to reflect current ARS thresholds? What's the current delinquency rate in the association?

Concerned about this finding on your documents?

Low

Master Policy Declarations, line 6

Master policy current; no carrier issues reported

What we found: Master policy current with reasonable coverage limits. No carrier non-renewal issues reported in minutes. Arizona master-policy market remains stable.
Why it matters: Arizona's insurance market is comparatively benign vs Florida coastal. Standard HO-6 + loss-assessment coverage typically sufficient.
What to ask: What's the master policy deductible structure? Confirm HO-6 loss-assessment limit matches.

Concerned about this finding on your documents?

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