AR SB323

Modernizes Arkansas's Horizontal Property Act (condominium law) by redefining "apartment" to include any physical portion of property subject to a master deed designated for separate ownership, and allows units to be further subdivided through subordinate master deeds

Adds new definitions for "declarant" (developer), "development rights" (rights to add/withdraw property, create units, maintain sales offices), and "common elements," while simplifying the definition of "limited common elements"

Expands master deed requirements to include declarant identification, association name, unit boundary descriptions, expense and voting allocations, maximum unit counts, amendment procedures, and formulas for reallocating interests when units are added or withdrawn

Establishes declarant financial obligations requiring payment of all operational expenses (less owner assessments) or common expenses for declarant-owned units until association control terminates or 5 years from first unit conveyance, whichever is earlier

Applies to horizontal property regimes organized on or after September 1, 2025, with existing regimes permitted to opt in by amending their master deed; approved April 10, 2025