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Arkansas Code of 1987 (2023)
Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106)
Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913)
Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120)
Section 18-13-112 - Ownership and valuation of separate units and common elements
Universal Citation:
AR Code § 18-13-112 (2023)
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- (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.
Acts 1961 (1st Ex. Sess.), No. 60, § 6; A.S.A. 1947, § 50-1006.
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