Sunfish Cove

What Sunfish Cove's governing documents say

This is a partial amendment to the Declaration of Covenants, Restrictions and Easements for Sunfish Cove, a community in Bolivia, NC. It only changes two specific financial rules and adds a note about FHA/VA/USDA compliance; it does not describe the community type (likely single-family homes or townhomes) or most other rules.

• Working capital contribution (new buyers from builder): When you buy a unit directly from the builder (Declarant), you must pay a working capital fee of 0.25% of the purchase price (based on the recording fee calculation) to the association at closing. This is separate from annual assessments and can be used for operating expenses, capital projects, or reserves.
• Resale capital contribution (all other resales): At the closing of any resale (not from the builder), the buyer must pay a resale capital contribution of 0.25% of the sales price shown on the closing statement. This fee goes to the association, is non-refundable, and cannot be credited against any assessments.
• FHA/VA/USDA loan protections: If a lot has an FHA, VA, or USDA insured loan, any rental or transfer restrictions in the Declaration that violate those agencies' requirements do not apply to that lot or its owner.
• What this document doesn't cover: This amendment does not address the community's type (e.g., single-family, townhome), age restrictions, pet rules, leasing minimums, parking, architectural review, or any other typical HOA rules. Those would be in the original Declaration, which is not provided here.

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.