§ 18-13-112 - Ownership and valuation of separate units and common elements. - Arkansas Statutes

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.