Woodland Village Villas

Key facts from Woodland Village Villas's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title)

Units / lots

not exceed forty (40) (Article I, C)

Governing law

Chapter 47C of the General Statutes of North Carolina (Article I, B)

Assessments & dues

Initially estimated maximum $85.00 per month for a Unit without a Garage Unit; $95.00 with a Garage Unit (Article XXIV G)

Special assessments

Allowed with assent of Unit Owners owning two-thirds (2/3) of Common Areas and Facilities voting at a duly called meeting (Article XXIV C)

Collections & liens

Association has a lien on each Unit for assessments; may be foreclosed like real estate deeds of trust in North Carolina (Article XXIV L)

Reserves & fees

Association maintains a Capital Improvement Fund from monthly assessments for replacement of capital improvements (Article XIX; Article XXIV H)

Pets

Yes, but Board regulates type, size and number of domestic animals (Article XIII)

Leasing & rentals

Yes, but subject to rules and regulations; Association may limit lease terms to less than six consecutive months (Article XII)

Parking & vehicles

Association may make permanent and temporary assignments of parking spaces (Article VIII A)

Signs & flags

Prohibited from placing 'For Rent' or 'For Sale' signs in windows (Article VII)

Maintenance

Association responsible (part of Common Property that contributes to support of buildings) (Article XIX)

Insurance

Casualty insurance at 100% replacement cost; comprehensive public liability insurance $1,000,000 per occurrence; fidelity coverage (Article XXI A(1)-(3))

Use restrictions

Each Condominium Unit is restricted to residential use by its Owner, immediate family, guests, invitees and lessees (Article XI)

Voting & meetings

Majority of Unit Owners; amendment requires 90% for first 20 years, then 75%; termination requires unanimous agreement (Article XXVII A; Article XXVI A)

Amendments

Amendments: 90% vote of Unit Owners for first 20 years, then 75%; Developer may unilaterally amend to comply with HUD, Fannie Mae, Freddie Mac, VA regulations; Developer may add additional real estate within 7 years without unit owner conse (Article XXVII A, B)

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