Unit ownership as created and defined in this Article shall vest in the holder exclusive ownership and possession with all the incidents of real property. A condominium unit in the building may be individually conveyed, leased and encumbered and may be inherited or devised by will, as if it were solely and entirely independent of the other condominium units in the building of which it forms a part. Such a unit may be held and owned by more than one person either as tenants in common or tenants by the entirety or in any other manner recognized under the laws of this State.
N.C. Gen. Stat. § 47A-5
Nature and incidents of unit ownership
Known as the Unit Ownership Act
The act spans §§ 47–47 (29 sections).
Applied in 1 court decision — leading case 159 N.C. App. 558 - Briggs v. City of Asheville (2003)
Most recently applied in 159 N.C. App. 558 - Briggs v. City of Asheville (August 2003)
1963, c. 685, s. 5; 1983, c. 624, s. 2.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.