Liberty Homeowners Association Inc

Key facts from Liberty Homeowners Association Inc's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Planned Community subject to the North Carolina Planned Community Act, despite fewer than 20 lots (WHEREAS clauses and Article II Section 1)

Governing law

North Carolina Planned Community Act, NCGS §§47F-1-101 through 47F-3-121 (Article I, 'Act' definition)

Assessments & dues

Board of Directors fixes Base Assessment; budget must be sent to members and ratified; if budget includes a Base Assessment per Lot, it is ratified unless 80% of entire membership votes to reject. (Article VI, Section 3)

Collections & liens

All assessments and charges become a continuing lien on the Lot after 30 days past due, enforceable by foreclosure under the Act. Subordinate to first mortgages. (Article VI, Sections 6 and 7)

Pets

Dogs, cats or other household pets allowed, not kept for commercial purposes. (Article IX, Section 6)

Leasing & rentals

Owner may rent Living Unit to residential tenants for profit. (Article IX, Section 1(c))

Insurance

Owner must maintain multi-peril property insurance on Lot at 100% replacement cost. (Article VII, Section 2)

Use restrictions

All Lots restricted to single-family residential use; no commercial, business or professional purpose except as provided. (Article IX, Section 1)

Voting & meetings

Two classes: Class A (each Lot one vote), Class B (Declarant, full voting until end of Declarant Control Period). Class A non-voting except specific matters until Class B terminates. (Article V, Section 3)

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