What is included in the percent of interest in the common elements described in a declaration?

The percent of interest in the common elements as described in a declaration specifically refers to the owner's stake in the overall property value. This percentage indicates how much of the common property is owned by that individual in relation to the entire property. It typically determines both the financial responsibilities and the voting rights of the owner within the homeowners association. This stake influences various aspects such as how costs for maintenance and shared services are allocated among the residents, as well as how decisions regarding the common areas are made.

In contrast, while voting power and rights to exclusive use of common areas are important aspects of property ownership and community living, they stem from the allocated share represented by the percent of interest rather than being the percent of interest themselves. Maintenance costs are directly tied to the percentage ownership but do not encompass the broader concept of ownership interest in the property’s value.