Resort at Ocean Isle Beach

What Resort at Ocean Isle Beach's governing documents say

This document creates a fractional-ownership arrangement for a single-family house at 166 West Third Street in the Resort At Ocean Isle Beach subdivision. Ten owners each hold a 1/10th undivided fee simple interest and receive five one-week use periods per year on a rotating schedule. The property is smoke-free and pet-free, and owners cannot rent or lease their use periods.

• What you own & maintain: You own a 1/10th undivided fee simple interest in the house and lot as a tenant-in-common, plus the right to use the property during assigned weeks. The association maintains the building, furnishings, and amenities; owners must not alter the interior or exterior.
• Use periods & scheduling: Each year is divided into 52 or 53 one-week use periods starting Sundays at 12:01 p.m. and ending the following Sunday at 12:00 noon. Each fractional interest (A–J) gets five use periods per year on a rotating 10-year cycle; use periods 4 and 5 (and 53 in leap years) are maintenance periods when no one may occupy the property.
• Leasing & rentals: Owners are prohibited from renting or leasing the property or any use period. Family members and guests may use the property without payment, but no external exchanges or rentals are allowed.
• Pets & smoking: The building is smoke-free and pet-free. No smoking or pets are allowed anywhere in the building.
• Transfer restrictions: Before selling, an owner must first offer the fractional interest to other owners and the declarant, who have 15 days to accept. Transfers to family members within two degrees of kinship are exempt.
• Assessments & fees: The association levies an annual maintenance fee (same for all interests) and may impose special assessments. Unpaid fees accrue 18% annual interest and a $25 late charge, and become a lien on the fractional interest.
• Holdover penalties: If an owner or guest fails to vacate at the end of a use period, they are charged a $100 daily administrative fee (adjusted for CPI) and must cover alternate accommodations for the displaced owner.

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.