Osprey Reserve

What Osprey Reserve's governing documents say

Osprey Reserve is a planned community in Bolivia, NC, governed by a homeowners' association (HOA) under the North Carolina Planned Community Act. The community includes both standard single-family lots and townhome lots with shared party walls. This declaration establishes the HOA, sets out property rights, maintenance responsibilities, assessments, and use restrictions for all owners.

• Community type & governance: Osprey Reserve is a planned community with an HOA (Osprey Reserve Owners Association) that manages common elements and enforces rules. It is also a subsidiary of a master association (Terrapin Owners Association), so owners are members of both.
• What you own & maintain: Owners are responsible for upkeep of their lot and dwelling unit, including landscaping and exterior structures, consistent with the community-wide standard. For townhome lots, the HOA maintains the exterior (roof, siding) and initial landscaping, with costs billed as a benefited assessment.
• Assessments & fees: The HOA levies annual assessments on all lots to fund common expenses. A working capital fund equal to one year's assessment is due at closing. The HOA may also levy special assessments and benefited assessments for specific services or costs. Assessments are a lien on the lot.
• Architectural review: All exterior changes require approval under the Design Guidelines and architectural review process. Owners must submit plans and specifications for review before making alterations.
• Use restrictions: Use restrictions are detailed in Article 12 and Exhibit B (not fully provided here). The document prohibits business and trade activities on lots, and the HOA may adopt rules regulating use of common elements and recreational facilities.
• Recreational facilities: The declarant may but is not obligated to build recreational facilities (clubhouse, pool, etc.). If built, they are common elements maintained by assessments, and the HOA may charge fees for use by non-owners.
• Insurance: The HOA carries property insurance on common elements and townhome units (excluding owner improvements), plus liability insurance. Owners of standard lots must insure their own dwelling units. The HOA may also carry flood, earthquake, and hurricane insurance.
• Leasing & rentals: The document does not specify minimum lease terms or rental restrictions beyond what may be in the use restrictions (not fully provided). Owners may lease their lots subject to HOA 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.