Waterstone

Key facts from Waterstone's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (Article I, Section 3; Article III, Secti)

Units / lots

147 (planned total) (Article III, Section 3 (Class B))

Governing law

North Carolina Planned Community Act, Chapter 47F of the North Carolina General Statutes (Recital and Article I, Section 1)

Special assessments

May be levied with 2/3 vote of Members for capital improvements; also without vote to reimburse Declarant as provided. (Article IV, Section 4)

Collections & liens

Association may file lien for unpaid assessments and foreclose like a mortgage under NC law. (Article IV, Sections 11 and 12)

Reserves & fees

Common Expenses include allocations to reserves. (Article I, Section 6)

Pets

Domestic dogs, cats, or other household pets allowed; not for commercial purposes; must be leashed and not become nuisance. (Article VI, Section 3(e))

Parking & vehicles

Off-street parking for at least 2 passenger automobiles required; driveways must be of concrete, brick, asphalt, turf stone, or approved material. No boats, campers, trailers, etc. without Executive Board consent. No inoperable vehicles. (Article VI, Section 2(e); Article VI, Se)

Fences

Permitted only if design, placement, and materials approved by Architectural Control Committee. (Article VI, Section 2(d))

Signs & flags

American Flag or North Carolina flag maximum size 4'x6' may be flown on a pole no longer than 5'6" attached to home; no other flagpoles on Lots. Association may display flags on Common Elements. (Article VI, Section 3(k))

Setbacks / home size

Minimum 2,000 sq ft enclosed heated area; ARC may permit down to 1,800 sq ft if not adversely affecting property values. (Article VI, Section 2(a))

Use restrictions

Lots restricted to residential single family use, except Declarant's rights. (Article VI, Section 3(a))

Voting & meetings

Class A: one vote per Lot for all Owners except Declarant. Class B: Declarant three votes per Lot owned until conversion to Class A upon certain events. (Article III, Section 3)

Amendments

Declarant may amend without Owner approval in certain circumstances (e.g., before first Lot sale, to correct errors, to conform to law, for Additional Property). Otherwise, amendment not fully detailed; Declarant retains exclusive amendment (Article V, Section 3)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.