Atlantic Commons Condo

What Atlantic Commons Condo's governing documents say

Atlantic Commons is a condominium community in Southport, NC — you own your individual unit and share ownership of the building's common elements. The association maintains the common areas and carries master insurance, funded by assessments based on each unit's allocated interest. The building has four units: first-floor units are restricted to commercial use only, and second-floor units are restricted to residential use only.

• What you own & maintain: You own the interior of your unit (including HVAC systems that exclusively serve your unit, even if located outside the unit boundaries). The association maintains all common elements and limited common elements (like stoops, exterior doors, windows) but you are responsible for cleaning snow, leaves, and debris from your unit's limited common elements (sidewalks, entranceways).
• Leasing & rentals: Leases must be for a term of at least six months. All leases must be in writing and comply with the condominium documents. Tenants must recognize the association's right to enforce rules against them.
• Use restrictions: First-floor units are restricted to commercial use only; second-floor units are restricted to residential use only. No structural alterations or changes to the exterior appearance are allowed without prior written approval from the executive board.
• Pets: The declaration does not mention any pet restrictions. Check the association's rules and regulations for any pet policies.
• Assessments & fees: Common expenses are assessed quarterly (or as set by the board) based on each unit's allocated percentage interest. Initial purchasers pay two months' dues as working capital. Unpaid assessments accrue interest at 12% per year and become a lien on the unit after 30 days.
• Insurance: The association carries property insurance on the building (replacement cost) and liability insurance (minimum $1 million). Unit owners may obtain their own policies for personal property and additional liability.
• Parking: Parking spaces may be allocated as limited common elements by the board or by rules and regulations. The declaration does not specify the number or location of parking spaces.
• What this document doesn't cover: This is the declaration of condominium — the foundational governing document. It does not include the full bylaws, rules and regulations, or detailed fee schedules. Those documents may contain additional restrictions (e.g., pet limits, noise, parking assignments, rental caps).

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.