SB323

Senate Bill 323 amends the Arkansas Horizontal Property Act to modernize the legal framework governing condominiums and horizontal property regimes. The bill updates and clarifies key definitions, including 'apartment,' 'general common elements,' and 'limited common elements,' to better reflect modern real estate development practices. It introduces the concept of a 'declarant' and 'development rights,' granting developers specific authorities—such as the ability to subdivide units or withdraw property—provided these rights are reserved in the master deed. The legislation establishes clearer procedures for recording master deeds and allows for more flexible allocation of interests in common elements and expenses. Additionally, it permits developers to use purchaser deposits for construction costs under specific contractual disclosure requirements. Finally, the bill provides protocols for amending master deeds and managing subordinate units within an existing regime.