If you're listing a condo in the Biltmore this fall, here's a question worth asking before you sign anything: how many pages is your HOA's disclosure packet about to become?
Starting September 12, 2026, the answer changes for every seller in Arizona, and it changes by a different amount depending on which Biltmore sub-association holds your declaration. House Bill 2397, signed by Governor Hobbs earlier this year, rewrites the resale disclosure rules for both condominiums and planned communities under Arizona law. The packet buyers receive at escrow gets substantially longer. The clock to deliver it gets tighter. And in a neighborhood built almost entirely out of sub-associations layered under one master HOA, the same statute is about to land very differently depending on which gate you live behind.
That's the thing worth understanding before you list, not after an escrow officer calls asking why the packet is late.
The Clock That Starts September 12
HB 2397 amends A.R.S. § 33-1260, which governs condominium resale disclosures, and § 33-1806, which covers planned communities. The bill became law 90 days after the legislature adjourned, which puts the effective date at September 12, 2026, a little over a week from now.
The mechanics split on association size. For communities with fewer than 50 units or lots, the seller still handles delivery, and must get the disclosure to the buyer within 10 days after the buyer's offer is accepted. For associations with 50 or more units, the association itself takes over delivery, on a 10-day clock that starts once it receives written notice of the pending sale. Either way, delivery can now happen electronically instead of by mail, which speeds things up on paper but only if someone on the association side is actually ready to assemble the file. You can read the full text of HB 2397 on the Arizona legislature's site if you want the statutory language directly.
What's Actually Going Into the Packet
The old disclosure told a buyer roughly how much money the association was holding in reserves. The new one tells a much longer story. Under the amended statutes, the packet must now include recent board meeting minutes, current financial statements, the most recent audit, review, or compilation report, and the reserve study itself, or a summary if either document runs longer than 10 pages. It must also disclose any current unpaid assessment lien or judgment lien against the property, any lis pendens on file, outstanding violation notices, and for condominiums specifically, any known material deficiency in a common or limited common element that could trigger a directly assessed repair cost within six months of purchase.
One line item matters more than the rest for anyone timing a fall sale: the packet must now disclose any special assessment approved by the board but not yet billed or submitted to owners within the previous four months. That single requirement turns a board decision made in a private meeting into something every future buyer sees in writing, on a fixed schedule, whether the association wants to advertise it or not. The CHDB Law legislative summary walks through the full list of new document requirements if you want the attorney-level breakdown.
One Master HOA, Twelve Very Different Answers
Biltmore doesn't have one HOA. It has one master association, the Arizona Biltmore Estates Village Association, which handles community-wide guard services, perimeter maintenance, and event programming, and then a dozen or more sub-associations underneath it, each with its own budget, its own reserve position, and now its own version of this disclosure packet.
The fee spread across those sub-associations gives you a rough proxy for how different those packets are likely to look:
| Sub-Association | Monthly Fee Range | Product Type |
|---|---|---|
| Biltmore Estates Circle | $400–$650 | Custom single-family, architectural review guidelines |
| Biltmore Greens / Shores / Square | $300–$700 | Mixed single-family and patio homes |
| Biltmore Courts | $480–$750 | Condo and patio homes, pool, spa, gated |
| Biltmore Gates | $710–$850 | Single-family, built 1979 to 1982 |
| Optima Biltmore Towers | $500–$1,700 | 230-unit high-rise condominium, built 2006 |
| Biltmore Hillside Villas | $850–$1,400 | Condo and villa product, exterior maintenance, guard-gated |
| Two Biltmore Estates | $1,200–$2,200 | 38-unit luxury condominium |
That unit-count column matters more than it looks. Two Biltmore Estates, at 38 units, falls under the smaller-association threshold in the new law, which means the seller is on the hook for assembling and delivering the disclosure within 10 days of an accepted offer. Optima Biltmore Towers, at 230 units, crosses the 50-unit line, which shifts that responsibility to the association and its management company. Two buildings a few blocks apart, both selling luxury condominiums, and the new law hands the paperwork burden to two entirely different parties.
The Optima Pool Is a Preview of the New Rule, Not an Exception to It
Biltmore already produced a real example of exactly the disclosure item the law is now formalizing. Optima Biltmore Towers, the 230-unit twin-tower condominium built in 2006 near Biltmore Fashion Park, undertook a rooftop pool renovation that finished in 2025. At least one unit sold during that window with the seller covering the full special assessment tied to the project, a detail that showed up in the listing itself rather than buried in board minutes.
That's the kind of disclosure the new four-month lookback window is built to catch going forward, whether a seller chooses to volunteer it or not. A board approves an assessment, work starts, and under the old rules a buyer might not learn the full financial picture unless someone thought to mention it. Under the new rules, if that approval happened within four months of the sale, it has to be in the packet regardless of whether the seller brings it up.
For a 20-year-old high-rise carrying elevators, roofing, and shared mechanical systems, that's not a hypothetical. It's the maintenance cycle every association its age eventually faces.
Why the Timing Cuts Against Sellers Who Wait
Biltmore's resale market sat at 4.3 months of supply in May 2026, which is a balanced range, not the tight seller's market of a few years ago. Active listings climbed to 52 that month, up from 48 in April, giving buyers noticeably more to compare against than they had six months earlier. Sale-to-list ratio held at 96.5 percent, which still favors well-prepared, correctly priced listings, but it's a market with room for a buyer to walk if the disclosure packet raises a question the seller can't answer cleanly.
That combination changes the incentive. In a market with rising inventory, a thicker disclosure packet that a seller has already reviewed and can speak to confidently is a selling point. The same packet, assembled reactively after a buyer's attorney flags a gap, becomes the reason an accepted offer falls through during the document review period instead of at the closing table. The $4.79 million penthouse that closed at Two Biltmore Estates in May moved in exactly the kind of market where a clean paper trail matters more than it would have during a bidding war.
What This Means If You're Listing This Month
If your closing date lands anywhere near September 12, get ahead of the transition rather than finding out mid-escrow which set of rules applies. Ask your sub-association's management company three things now: whether your building falls above or below the 50-unit threshold, whether a reserve study exists and how recent it is, and whether the board has approved anything in the last four months that hasn't been billed yet. If you're in a smaller association like Two Biltmore Estates or Biltmore Estates Circle, that packet is your responsibility to assemble on a 10-day clock the moment you accept an offer, not something you can hand off and wait on.
Arizona still doesn't require any association to fund reserves to a particular level or to conduct a reserve study on any fixed schedule. That hasn't changed. What changed is how visible the consequences of skipping those steps have become, and how quickly that visibility now arrives at the closing table.
Frequently Asked Questions
Does the new law apply to single-family homes in sub-associations like Biltmore Gates, or only to condos? Both. HB 2397 amends the planned community disclosure statute, A.R.S. § 33-1806, alongside the condominium statute, A.R.S. § 33-1260, so single-family sub-associations such as Biltmore Gates and Biltmore Estates Circle are covered the same as condo buildings like Optima Biltmore Towers and Two Biltmore Estates.
Who assembles the disclosure packet, the seller or the association? It depends on the size of the association. Under 50 units or lots, the seller delivers the packet within 10 days of an accepted offer. At 50 units or more, the association delivers it within 10 days of receiving written notice of the pending sale. Given the fee table above, that means a Two Biltmore Estates seller and an Optima Biltmore Towers seller are working under two different sets of logistics for the same law.
If my Biltmore listing goes under contract right around September 12, which rules apply? Talk to your title company early. The safest approach is to confirm in writing which version of the disclosure statute governs your transaction based on when notice is sent to the association, rather than assuming the date the listing went live controls it.
If you're weighing a fall listing in the Biltmore, or trying to read what a specific sub-association's financials actually mean for your timeline, Cambridge Properties can walk the disclosure packet with you before it becomes a surprise. Request more information or ask about our services for Biltmore sellers and builders.
