Prescot

Key facts from Prescot's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential subdivision (Prescot) (Statement of Purpose and Article VI (res)

Governing law

North Carolina General Statutes, Chapter 47F (North Carolina Planned Community Act) (References to N.C.G.S. §47F-3-110, §47-3)

Assessments & dues

Executive Board fixes amount at least 30 days before Jan 1, sends budget summary and notice of meeting to ratify budget per NCGS 47F-3-103(c); if budget disapproved, prior year's budget continues. (Art. V, sec. 5.7)

Special assessments

Special Common Expense Assessments require 67% vote of members; also Executive Board may levy specific assessments for expenses benefiting less than all lots or providing unequal benefit. (Art. V, sec. 5.5 and 5.2(c))

Collections & liens

Unpaid assessments become a continuing lien on the lot; may be foreclosed as a mortgage under power of sale per NCGS 47-3-116. Lien subordinate to first mortgages. Personal obligation does not pass to successor unless assumed. (Art. V, sec. 5.2, 5.8, 5.9)

Reserves & fees

Amount determined by Executive Board; charged if assessment not paid within 30 days after due date. (Art. V, sec. 5.8)

Pets

Yes, household pets allowed (excluding poultry). (Art. VI, sec. 6.8)

Leasing & rentals

Yes, but with minimum lease term of six months. Builder may lease up to three lots with option to purchase, then that lot also subject to six-month minimum. (Art. VI, sec. 6.18)

Parking & vehicles

Not permitted on lot except in enclosed garage; 'commercial vehicles (as determined by the Executive Board)'. (Art. VI, sec. 6.16)

Fences

Only split-rail fencing installed with initial construction of dwelling or as later approved by ARC; no other fences, hedges, or walls. (Art. VI, sec. 6.6)

Architectural approval

Yes, for any construction, reconstruction, remodeling, exterior alteration, fence, wall, driveway, walkway, or exterior color change. Initial construction by Declarant/Builder exempt? Actually only after initial construction. Also satellite (Art. VI, sec. 6.2; also 6.6, 6.7)

Home business

Not explicitly addressed; prohibited if it becomes a nuisance or annoyance. (Art. VI, sec. 6.10 (nuisance clause))

Signs & flags

Only one 'For Sale' or 'For Rent' sign per lot, not exceeding two feet by two feet. Declarant/Builder may place additional signs on unsold lots. (Art. VI, sec. 6.9)

Setbacks / home size

Front and side street setbacks as shown on recorded maps; eaves, steps etc. not considered part of building; deviations up to 10% not a violation. (Art. VI, sec. 6.4)

Maintenance

Owner (implied as part of exterior maintenance). (Art. VI, sec. 6.13(b) includes 'roofs' i)

Use restrictions

All lots shall be used for residential purposes only. (Art. VI, sec. 6.3)

Voting & meetings

Three classes: Class A (lot owners, 1 vote per lot); Class B (Declarant, 4 votes per lot until conversion); Class C (Commercial Tract owner, no vote); Class D (Evergreen Homebuilders, 3 votes per lot until Class B conversion). One vote per (Art. IV, sec. 4.2)

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