Bill > SB323

This bill amends the Arkansas Horizontal Property Act by updating and clarifying several key definitions and provisions related to condominiums and property ownership. The bill comprehensively redefines "apartment" to include more detailed descriptions of unit boundaries, specifying what parts of walls, fixtures, and exterior elements are considered part of a unit or common elements. It introduces new definitions for "common elements," "declarant," and "development rights," which provide more flexibility for property developers to modify and expand condominium properties. The bill also modifies the process for establishing horizontal property regimes, requiring a more detailed master deed that includes specifics like the maximum number of units, voting allocations, and methods for amending the property regime. Additionally, the bill provides new provisions for declarants, such as allowing them to use purchaser deposits for construction and development under certain conditions, and establishes rules for how declarants can modify and manage the property over time. The changes aim to provide greater clarity, flexibility, and protection for both property owners and developers in creating and managing condominium properties, with the new provisions applying to horizontal property regimes established on or after September 1, 2025.

Business and Industry

https://arkleg.state.ar.us/Bills/Detail?id=sb323&ddBienniumSession=2025%2F2025R