The Oklahoma Unit Ownership Estate Act (Okla. Stat. Ann. tit. 60, §§ 501-530) sets forth the rules and regulations for the creation and administration of a unit ownership estate. A unit ownership estate is a form of real estate ownership, where an undivided interest in the whole property, including the land and buildings, is held by a group of owners. Under this Act, multiple owners can share ownership of a single property, while still maintaining individual ownership of their unit.
The Act outlines the rules and regulations regarding the creation of unit ownership estates, such as the required documents, the establishment of a unit owners' association, and the election of officers. Additionally, it provides guidance on the management of the estate, including the collection of assessments, the establishment of bylaws, and the enforcement of rules. Finally, the Act sets forth procedures for the transfer of ownership and termination of the estate.
| Section Name | Section Number |
|---|---|
| Short Title | § 501 |
| Creation of Unit Ownership Estate - Recording - Lands Exempt | § 502 |
| Definitions | § 503 |
| Status and Title Created | § 504 |
| Ratio of Interest in Common Elements | § 505 |
| Common Elements to Remain Undivided - Partition Actions Prohibited | § 506 |
| Use of Common Elements | § 507 |
| Strict Compliance With Rules and Bylaws by Unit Owners | § 508 |
| Maintenance and Repair of Common Elements - Additions or Improvements | § 509 |
| Work Jeopardizing Soundness or Safety of Property Prohibited Without Unanimous Consent | § 510 |
| Liens Against Unit Estates - Discharge | § 511 |
| Contribution toward Expenses of Administration and Maintenance and Repair of General Common Elements | § 512 |
| Common Profits - Distribution | § 513 |
| Recording and Particulars of Declaration Creating and Establishing Unit Ownership Estates | § 514 |
| Deeds Conveying Estates - Recording - Contents | § 515 |
| Effectiveness of Deed, Mortgage or Other Instrument Conveying, Mortgaging, or Encumbering a Unit Ownership Estate | § 515.1 |
| Plans Attached to Declarations | § 516 |
| Removal of Property From Provisions of Act | § 517 |
| Resubmission of Property to Provisions of Act | § 518 |
| Administration of Property to be Governed by Bylaws | § 519 |
| Necessary Contents of Bylaws | § 520 |
| Maintenance and Examination of Books and Receipts of Expenditures | § 521 |
| Homestead Exemptions Applicable | § 522 |
| Assessment of Taxes, Special Assessments and Other Charges - Liability | § 523 |
| Liens for Unpaid Share of Common Expenses - Priorities - Enforcement | § 524 |
| Joint and Several Liability of Grantor and Grantee for Unpaid Common Expenses | § 525 |
| Insuring Property against Risks | § 526 |
| Repair of Damage or Destruction to Building | § 527 |
| Property that is Obsolete | § 528 |
| Actions Relating to Common Elements | § 529 |
| Persons Subject to Act | § 530 |
