The Arkansas Master Deed Declaration of Condominium is a legal document that establishes the legal framework for a condominium project in the state of Arkansas. This declaration outlines the rights, responsibilities, and obligations of the condominium association, individual unit owners, and other stakeholders involved in the project. It serves as a crucial document that governs the operation, management, and maintenance of the condominium. The Arkansas Master Deed Declaration of Condominium typically includes several important provisions to protect the rights of all parties involved. These provisions cover areas such as the common elements of the condominium, the percentage of ownership and voting rights allocated to each unit, the establishment of association bylaws and rules, and the assessment of fees and charges for maintenance and repairs. Additionally, the Arkansas Master Deed Declaration of Condominium outlines the process for making amendments to the declaration itself, as well as the conditions under which the condominium project may be terminated or converted. It may also address issues related to insurance, governance, and dispute resolution mechanisms. In Arkansas, there are different types of Master Deed Declarations of Condominium, each tailored to meet the needs of specific condominium projects. These may include: 1. Residential Condominium Declaration: This type of master deed declaration is used for condominium projects that are primarily intended for residential purposes. It covers the rights and responsibilities of individual unit owners and provides guidelines for the use and maintenance of common areas such as parking lots, swimming pools, and recreational facilities. 2. Commercial Condominium Declaration: This declaration is specific to condominium projects that focus on commercial or business activities. It addresses unique considerations such as the allocation of space for commercial use, parking requirements for businesses, and guidelines for signage and advertising. 3. Mixed-Use Condominium Declaration: This type of master deed declaration is utilized for condominium projects that combine residential and commercial elements. It encompasses provisions for both residential and commercial units and delineates the rights and obligations of each type of owner. 4. Vacation Condominium Declaration: This declaration is designed for condominium projects that are primarily used as vacation or seasonal residences. It may include provisions for rental programs, shared amenities, and maintenance responsibilities during periods of vacancy. It is important for developers, unit owners, and other stakeholders to carefully review and understand the specific Master Deed Declaration of Condominium applicable to their development or ownership to ensure compliance with Arkansas law and protect their rights and interests.
Arkansas Master Deed Declaration of Condominium
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How to fill out Arkansas Master Deed Declaration Of Condominium?
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FAQ
A horizontal-property act is a law that governs the ownership and management of cooperatives and condominiums. It sets out the rights and responsibilities of owners, tenants, and management companies.
To create a homeowners' association or property owners' association, the master deed of the community along with the adopted bylaws must be submitted to the office of the clerk in the county where the property is located. This deed must be certified by a state licensed architect or engineer.
The Arkansas Horizontal Property Act oversees the creation, management, authority, and operation of horizontal property regimes, including homeowners associations, that record a declaration or master deed. By recording these documents, the horizontal property regime is choosing to be bound by the Act.
A POA is not limited to the type of building or property owner that it governs. Whereas a HOA is about a community of the same type of properties, a POA is usually a mix of property types, including single family residences and businesses.
In Arkansas, HOAs are regulated by the Arkansas Horizontal Property Act found in Title 18 Chapter 13 of the Arkansas Code. This act applies to all planned communities for residential, commercial, or industrial use. Otherwise, governing documents regulate HOAs.
Section 5-36-103 - [Effective 1/1/2024] Theft of property (a) A person commits theft of property if he or she knowingly: (1) Takes or exercises unauthorized control over or makes an unauthorized transfer of an interest in the property of another person with the purpose of depriving the owner of the property; or (2) ...