Oaks at Westlake Homeowners Association Inc The

Key facts from Oaks at Westlake Homeowners Association Inc The's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (HOA) – planned community (Article II Section 1 – Association defin)

Governing law

North Carolina Planned Community Act (N.C.G.S. Chapter 47F) and prior Act (47E) referenced (Article V Section 10 (N.C.G.S. 47F-3-116)

Assessments & dues

Maximum initial annual assessment per lot is left blank (Dollars); after first lot sale, may increase up to 5% per year without vote, unless 90% of owners reject budget (Article V Section 5)

Special assessments

Permitted for capital improvements with assent of 2/3 vote of each class (Article V Section 6)

Collections & liens

Assessment lien may be filed under N.C.G.S. 47F-3-116(a); foreclosure like deed of trust under Chapter 45; includes interest, costs, attorney fees (Article V Sections 1, 10, 11)

Reserves & fees

Association shall establish and maintain adequate reserve fund out of regular assessments for periodic maintenance, repair, replacement of improvements to Permanent Common Open Space (Article V Section 3)

Pets

Yes – dogs, cats, or other household pets; not for commercial purposes (Article VIII Section 4)

Leasing & rentals

Yes – an Owner may let or rent his entire dwelling unit; no portion of a unit may be leased separately (Article VIII Section 2)

Parking & vehicles

One pick-up truck (1/2 ton or less) and one non-commercial van allowed; otherwise, except for operative licensed automobiles, such vehicles cannot be regularly parked on a Lot unless inside enclosed building or behind screening (Article VIII Section 8)

Architectural approval

Yes – for any building, fence, wall, deck, other structure, exterior addition or alteration; plans must be submitted to Board of Directors or Architectural Committee (Article VI)

Home business

Not explicitly prohibited; but 'residential purposes' may restrict commercial activities (Article VIII Section 2 (inference))

Setbacks / home size

All yard and setback requirements shall comply with City of Raleigh setback regulations (Article VIII Section 5)

Maintenance

Association responsible for Permanent Common Open Space (including stormwater control measures, insurance, etc.); owners responsible for their Lots and for compliance with covenants (Article III Section 6 (stormwater); Arti)

Insurance

Association purchases insurance on Permanent Common Open Space buildings and improvements and personal property at 100% insurable replacement value; coverage includes fire and other hazards, and other risks; public liability coverage at lea (Article VII Section 1(b) and (c))

Use restrictions

Yes; no portion except temporary Declarant offices/models; residential purposes and incidental/accessory uses only (Article VIII Section 2)

Voting & meetings

Two classes: Class A (all owners except Declarant) – one vote per lot; Class B (Declarant) – four votes per lot until conversion on earliest of (i) Class A votes equal Class B, (ii) Dec 31, 2008, or (iii) surrender (Article IV Sections 1-2)

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