(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.
Structure Arkansas Code
Chapter 13 - Horizontal Property Act
§ 18-13-103. Establishment of horizontal property regimes
§ 18-13-105. Plans to be attached to master deed
§ 18-13-106. Additional units in excess of those described in master deed
§ 18-13-107. Waiver and reestablishment of regimes
§ 18-13-109. Modification of administration
§ 18-13-110. Book of receipts and expenditures — Examination
§ 18-13-111. Status of individual units
§ 18-13-112. Ownership and valuation of separate units and common elements
§ 18-13-113. Types of joint ownership
§ 18-13-116. Liability for expenses and assessments
§ 18-13-117. Insurance generally
§ 18-13-118. Application of insurance proceeds to reconstruction
§ 18-13-119. Sharing of reconstruction costs when building not insured or indemnity insufficient