Indiana Statutes

§ 32-25-4-3 — Common areas and facilities; undivided interest; repairs

Indiana·Title 32 PROPERTY·Art. 25 CONDOMINIUMS·Ch. 4 Ownership Interest in Condominiums
(a)Each condominium unit owner is entitled to an undivided interest in the common areas and facilities as designated in the declaration. Except as provided in subsection (b), the undivided interest must be expressed as a percentage interest based on:
(1)the size of the unit in relation to the size of all units in the condominium;
(2)the value of each condominium unit in relation to the value of all condominium units in the condominium; or
(3)the assignment of an equal percentage undivided interest to each condominium unit. An undivided interest allocated to each condominium unit in accordance with this subsection must be indicated in a schedule of undivided interests in the declaration. However, if the declaration does not specify the method of allocating the percentage undivided inter

Free access — add to your briefcase to read the full text and ask questions with AI

Indiana § 32-25-4-3 (Common areas and facilities; undivided interest; repairs) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.2-2002, SEC.10. Amended by P.L.1-2003, SEC.84; P.L.181-2007, SEC.1.

Nearby Sections

15
View on official source ↗