Fairway Villas Property Owners Association

Key facts from Fairway Villas Property Owners Association's documents

Reflects the 2025 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Fairway Villas Property Owners Association, Inc.

Governing law

North Carolina Condominium Act (N.C. Gen. Stat. § 47C-1-101 et seq.) and North Carolina Nonprofit Corporation Act (N.C. Gen. Stat. 55A et seq.) (Declaration Art. 1; Bylaws Art. I)

Assessments & dues

Board prepares budget and provides summary to unit owners within 30 days of adoption; meeting set 10–60 days after mailing; budget ratified unless majority of all unit owners reject it at that meeting (Declaration §11.5)

Collections & liens

Unpaid assessments become a lien on the unit after 30 days; may be foreclosed like a mortgage; lien prior except to earlier recorded mortgages and tax liens (Declaration §11.4)

Reserves & fees

Association may establish reasonable reserves for repair, replacement, or addition to Common Elements (Declaration §3.7(d))

Pets

Yes, normal small household pets ordinarily kept in homes; no commercial breeding; no savage or dangerous animals; must be restrained and not a nuisance (Declaration §7.7)

Leasing & rentals

Yes, Owner may lease Unit; lessee receives Owner's rights to Common Elements during lease term; Owner transfers use rights (Declaration §10.2 (last paragraph))

Insurance

Property and casualty insurance on Common Elements and Units for replacement cost; liability insurance in reasonable amounts covering Common Elements use; also workers' compensation and officers/directors liability insurance (Declaration §8.2, §8.3, §8.6)

Use restrictions

Each Unit restricted exclusively to single-family residential use, occupied only by a single family, nurses, aides, servants, caretakers, and guests (Declaration §7.1)

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