Grayson Park Townhomes

What Grayson Park Townhomes's governing documents say

Grayson Park Townhomes is a townhome community in Leland, NC, governed by a homeowners association (HOA) that maintains common areas and exteriors. This document is the primary rulebook for owners, covering assessments, maintenance responsibilities, party walls, and insurance.

• What you own & maintain: You own your unit's interior and are responsible for its maintenance, including windows, doors, decks, HVAC, and glass surfaces. The association maintains the exterior (roofs, siding, landscaping, private streets) and common areas, funded by assessments.
• Assessments & fees: Annual assessments are set by the board and can increase up to 10% per year without owner vote; higher increases require 2/3 approval. Special assessments for capital improvements also need 2/3 vote. A one-time $200 working capital fee is due at each sale. Late payments incur a $25 charge and 12% annual interest.
• Party walls: Walls between attached townhomes are party walls. Repair costs are shared proportionally by users, but damage caused by negligence is the responsible owner's cost. Disputes are resolved by binding arbitration.
• Insurance: The association carries liability insurance (at least $1 million) on common areas and may buy other coverage. Owners must not cause premium increases or cancellations. Insurance premiums are paid from assessments.
• Leasing & rentals: The document does not address leasing restrictions; check the master covenants or association rules for rental policies.
• Pets: The document does not address pet restrictions; check the master covenants or association rules.
• What this document doesn't cover: This declaration does not cover leasing rules, pet limits, age restrictions, or architectural guidelines. Those may be in the master covenants or separate association rules.

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.