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18-13-112. Ownership and valuation of separate units and common elements.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-13-112. Ownership and valuation of separate units and common elements.
(a)(1) An apartment owner shall have the exclusive ownership of his or her apartment and shall have a common right to a share, with the other co-owners, in the common elements of the property.
(2)(A) This share is equivalent to the percentage representing the value of the individual apartment with relation to the value of the whole property.
(B) This percentage shall be computed by taking as a basis the value of the individual apartment in relation to the value of the property as a whole.
(b) The percentage shall be expressed at the time the horizontal property regime is constituted, shall have a permanent character, and shall not be altered without the acquiescence of the co-owners representing all the apartments of the building.
(c) The basic value, which shall be fixed for the sole purpose of this chapter and irrespective of the actual value, shall not prevent each co-owner from fixing a different circumstantial value to his or her apartment in all types of acts and contracts.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-13-112
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:18-13-112
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6169c27d1de0446dfa0d5a381836c8c2d1a949b479668a210c7561568fc6eab2
Source location: content.xml paragraph 2339
Stored source content
18-13-112. Ownership and valuation of separate units and common elements.
(a)(1) An apartment owner shall have the exclusive ownership of his or her apartment and shall have a common right to a share, with the other co-owners, in the common elements of the property.
(2)(A) This share is equivalent to the percentage representing the value of the individual apartment with relation to the value of the whole property.
(B) This percentage shall be computed by taking as a basis the value of the individual apartment in relation to the value of the property as a whole.
(b) The percentage shall be expressed at the time the horizontal property regime is constituted, shall have a permanent character, and shall not be altered without the acquiescence of the co-owners representing all the apartments of the building.
(c) The basic value, which shall be fixed for the sole purpose of this chapter and irrespective of the actual value, shall not prevent each co-owner from fixing a different circumstantial value to his or her apartment in all types of acts and contracts.
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