§60-505. Undivided interest in common elements - Ratio.
224 words·~1 min read·
/ok/title-60-property/60-505A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Each unit owner shall be entitled to an undivided interest in the common elements in the ratio expressed in the declaration. Such ratio shall be in the approximate relation that the estimated fair value upon completion of the unit determined at the date of the declaration bears to the aggregate estimated fair value upon completion of all the units having an interest in such common elements.
B. The ratio of the undivided interest of each unit owner in the common elements as expressed in the declaration shall have a permanent character and shall not be altered except as specifically provided in the declaration pursuant to paragraph
(i)of Section 514 of this title, or with the unanimous consent of all unit owners having an interest, expressed in an amended declaration duly recorded.
C. The undivided interest in the common elements and limited common elements set aside to the unit, shall not be separated from the unit to which same appertains and shall be deemed conveyed or encumbered with the unit even though such interest is not expressly mentioned or described in the conveyance or other instrument. The common elements and limited common elements shall not be conveyed separately from the unit. Amended by Laws 1985, c. 137, § 2, eff. Nov. 1, 1985; Laws 1989, c. 273, § 2, eff. Nov. 1, 1989.