47A-16. Termination of unit ownership; consent of lienholders; recordation of instruments.
(a) All of the unit owners may remove a property from the provisions of this Article by an instrument to that effect, duly recorded, provided that the holders of all liens, affecting any of the units consent thereto or agree, in either case by instruments duly recorded, that their liens be transferred to the percentage of the undivided interest of the unit owner in the property as hereinafter provided.
(b) Upon removal of the property from the provisions of this Article, the property shall be deemed to be owned as tenants in common by the unit owners. The undivided interest in the property owned as tenants in common which shall appertain to each unit owner shall be the percentage of the undivided interest previously owned by such unit owner in the common areas and facilities. (1963, c. 685, s. 16; 1983, c. 624, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 1 - Unit Ownership Act.
§ 47A-2 - Declaration creating unit ownership; recordation.
§ 47A-4 - Property subject to Article.
§ 47A-5 - Nature and incidents of unit ownership.
§ 47A-7 - Common areas and facilities not subject to partition or division.
§ 47A-8 - Use of common areas and facilities.
§ 47A-10 - Compliance with bylaws, regulations and covenants; damages; injunctions.
§ 47A-11 - Unit owners not to jeopardize safety of property or impair easements.
§ 47A-12 - Unit owners to contribute to common expenses; distribution of common profits.
§ 47A-13 - Declaration creating unit ownership; contents; recordation.
§ 47A-14.1 - Deeds conveying units.
§ 47A-16 - Termination of unit ownership; consent of lienholders; recordation of instruments.
§ 47A-17 - Termination of unit ownership; no bar to reestablishment.
§ 47A-18 - Bylaws; annexed to declaration; amendments.
§ 47A-20 - Records of receipts and expenditures; availability for examination; annual audit.
§ 47A-21 - Units taxed separately.
§ 47A-22 - Liens for unpaid common expenses; recordation; priorities; foreclosure.
§ 47A-23 - Liability of grantor and grantee of unit for unpaid common expenses.
§ 47A-24 - Insurance on property; right to insure units.
§ 47A-27 - Zoning regulations governing condominium projects.