Greystone

Key facts from Greystone's documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I, 7: 'Condominium')

Legal name

Greystone Condominium Owners’ Association, Inc. (Article I, 2 and Article VI, 1)

Units / lots

4 (maximum initially; Unit 3 may be divided into two separate units at owner's expense) (Article II, 6: 'Declarant reserves the r)

Governing law

North Carolina Condominium Act (Chapter 47C of NC General Statutes) (Article I, 1: 'the Act' refers to Chapte)

Assessments & dues

Not fixed; Board determines budget and divides equally by number of units. Initial one-time fee $400 for new owners at closing. (Article VII, 3 (equal per unit) and 7(c))

Special assessments

Board may levy special assessments for necessary expenditures. Assessments over $10,000 require unit owner approval at a special meeting. (Article VII, 8: 'any special assessment )

Reserves & fees

Required. Two reserves: General Operating Reserve and Reserves for Repairs and Replacements. Board must fund and maintain them. Annual budget includes amount for reserves. (Article VII, 8: 'The Board shall create,)

Pets

Yes, dogs allowed but limited by weight and number? No more than one? Restrictions on weight and leashing only. No commercial keeping of pets. (Article IX, 5: 'No dogs shall be allowed)

Leasing & rentals

Implicitly allowed (definitions include tenants, and reference to leases). No express prohibition or restrictions on leasing duration, rental cap, or disclosure requirements. (Article I, 13 (definition of Occupant in)

Parking & vehicles

Not explicitly, but motor vehicles must be maintained in proper operating condition so as not to be a nuisance. Possibly implies no inoperable vehicles. (Article IX, 10: 'All motor vehicles shal)

Home business

Private home offices that do not involve commercial traffic of any nature are permitted (even in Units restricted to residential). (Article IX, 1: 'this does not prohibit p)

Maintenance

Unit Owner responsible for damage caused to Common Areas or other Units by Unit Owner or occupants. If Association repairs, cost assessed against that unit. If covered by insurance, proceeds used first, owner pays excess. (Article XI, 1(b))

Insurance

Association shall procure property and casualty insurance on Common Areas and buildings, fixtures, and improvements to all Units, insuring against all risks of direct physical loss including fire and extended coverage. Full replacement valu (Article X, 1, 2)

Use restrictions

All Units except Unit 1 shall be used only for permanent residential purposes by a single family. Unit 1 is excepted from this restriction. Unit 1 also excepted from prohibition on business/commercial use. (Article IX, 1: 'Except for the ground le)

Voting & meetings

Each Unit Owner is entitled to one (1) vote. When more than one owner of a Unit, they designate a person to vote. (Article VIII, 2)

Amendments

Must comply with Act (47C-2-110 and 47C-2-117). No amendment altering Special Declarant Rights without Declarant's written consent. Amendment may be proposed by Board or any Unit Owner; must be recorded. Requires membership vote per Act. (Article XIV, 2)

Amenities

Not specifically enumerated beyond common areas (parking, landscaping, walkways). No pool, clubhouse, gym, trails, gates mentioned.

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.