Ownership and valuation of separate units and common elements

Ark. Code Ann. § 18-13-112 — under Horizontal Property Act.

Ark. Code Ann. § 18-13-112

(a) (1) An apartment owner or unit owner shall have the exclusive ownership of his or her apartment or unit and shall have a common right to a share, with the other co-owners, in the common elements of the property as stated in the master deed.(2) The master deed may provide different allocations of votes that are to be made to the apartments or units on particular matters specified in the master deed.

(1) An apartment owner or unit owner shall have the exclusive ownership of his or her apartment or unit and shall have a common right to a share, with the other co-owners, in the common elements of the property as stated in the master deed.

(2) The master deed may provide different allocations of votes that are to be made to the apartments or units on particular matters specified in the master deed.

(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 or units except as described under § 18-13-104(b)(12) due to a declarant's addition or withdrawal of an apartment or unit in the horizontal property regime according to the declarant's development rights.