Hi, Eric, Thank you for your additional information,
I figured that it had to be something like that. Either Mr. Liberty did not know what he was talking about, or wanted to scare you into listing your lots for sale with his real estate office because the section which he referred to, Arizona Revised Statutes Section 32-2101(54), says absolutely nothing of what he was trying to convince you of. That entire section, Arizona Revised Statutes Section 32-2101 is nothing but definitions and subsection 54 specifically states the following,
In this chapter, unless the context otherwise requires:
54. "Stock cooperative" means a corporation to which all of the following apply:
(a) The corporation is formed or used to hold title to improved real property in fee simple or for a term of years.
(b) All or substantially all of the shareholders of the corporation each receive a right of exclusive occupancy in a portion of the real property to which the corporation holds title.
(c) The right of occupancy may only be transferred with the concurrent transfer of the shares of stock in the corporation held by the person having the right of occupancy.
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