Greentree Way Condominiums

Key facts from Greentree Way Condominiums's documents

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

Community type

Condominium (Declaration of Condominium for Greentree)

Legal name

Greentree Way Condominiums

Units / lots

5 initial units (Units 100, 200, 201, 202, 203) (Background Statement)

Developer / declarant

BI-PART DEVELOPMENT LLC, a North Carolina limited liability company (Background Statement and Section 1.20)

Governing law

North Carolina Condominium Act (Chapter 47C of the North Carolina General Statutes) (Section 1.16)

Assessments & dues

Common Assessment = Common Expenses multiplied by Allocated Interest (percentage from Exhibit B); determined by Executive Board via budget (Section 1.11 (Common Assessment), Bylaws)

Special assessments

Allowed per Bylaws Section 8.2 (Section 1.42 (definition) and Section 10)

Collections & liens

Unpaid assessments for 30+ days become a lien on the Unit upon filing; subordinate to first mortgage; extinguished by foreclosure of first mortgage; subsequent owner must pay future assessments (Section 8.2)

Reserves & fees

Common Surplus may be deposited in the reserve fund (Section 10.3: deposited in the reserve f)

Pets

Yes, no more than two common household pets per Unit allowed (Section 7.7)

Parking & vehicles

Prohibited (commercial vehicles, trucks, vans with commercial writing, etc.) (Section 1.45 definition of Special Vehic)

Architectural approval

Yes, prior written approval from Executive Board required for any building, landscaping, fence, wall, screen, structure outside Building, or any exterior addition or alteration (Section 7.9)

Signs & flags

Document regulates or prohibits display of political signs; any signage requires architectural approval per Section 7.9 (Cover page and Section 7.9)

Insurance

Not to exceed $10,000 (Section 11.1)

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