Forced to sell our condo under ARS 12-1228 Terminiation of Condo

[Eric O.]

Hi all. We own a condo in AZ and have received a letter from a law firm stating that a person is buying 80%+ of the condo complex and under Arizona Revised Statue 12-1228 we will be forced to sell our condo to them. I read the statute and it appears they have validity in their argument. We spoke with the buyer's representative and they want to make a deal now. He stated they will have 80% ownership of the condo complex on October 17th. They did make us an offer and increased it by $7,000 the same day without us even turning the initial offer down which is a little unusual. A few questions:

1. The buyer's realtor keeps on hounding us on if we're going to accept the offer. Why is he dong this? Wouldn't the buyer have more leverage once 10/17 passes as they can force use to sell for what their appraisal comes in at? Of course we can get our own appraisal and go to arbitration if needed. However, my wife thinks the constant hounding might have to do with the realtor would only get his commission if the deals go through without arbitration. So maybe he's looking out for himself trying to get commission that might disappear if the sell happens in arbitration? Any other suggestions on why you think the seller's realtor is trying to push so hard to close the deal before 10/17?

2. Also, what if an investor is just using this as a ploy to scoop up as many condos as possible with making current owners thinking they'll be forced to sell? But the buyer will never have 80% ownership and is using the statute language to trick us into selling? My wife says only way to really find out is to see if greater than 80% transaction happens on 10/17. I'm afraid waiting after 10/17 as I'd think we have less leverage as they could force us to sell under ARS. Comments?

3. It appears there is another investor trying to buy up as many condos in the complex as possible. Perhaps keeping the initial investor under 80% and/or having more leverage for a higher asking price? Whatever the reason is, if my wife and I tried to sell the condo to anyone other parties besides the ones mentioned, would we have an obligation of disclosing to potential buyer that someone is trying to use ARS 12-1228 to gain control of entire condo complex and that they might have to be forced to sell under the >80% ownership provision?