Areas such as units, parking spaces, or locations, that are susceptible to individual use, whose ownership has been assigned to the Apartment Owner’s Association, shall be for the common good, as well as private apartments acquired by the Apartment Owner’s Association by means of cession, seizure in debt collections, or by any other legal means.
Acquisition of a common location or apartment by means of seizure in debt collections shall require the approval of the majority of the Apartment Owner’s Association. The transfer of this type of element shall not be free of charge and requires the same approval, provided the proceeds of the sale or transfer is designated to defray debts or expenses for the maintenance of common areas. The transfer to defray any other expense, or to defray expenses for improvement projects shall require the consent of the owners, pursuant to the requirements for obtaining approval of the expense or project being considered.
Once the apartment has been transferred, it shall no longer be considered as a common element.
History —June 25, 1958, No. 104, p. 243, added as § 11-A on Apr. 5, 2003, No. 103, § 6, eff. 90 days after Apr. 5, 2003.