Anchors Bend Townes

What Anchors Bend Townes's governing documents say

Anchors Bend Townes is a townhome community in Wilmington, NC, governed by a sub-association (Anchors Bend Townes HOA) under a master association (Anchors Bend HOA). You own your townhome lot and share party walls with neighbors; the sub-association maintains common areas and provides exterior maintenance for each townhome (roof, siding, decks, etc.), funded by assessments.

• What you own & maintain: You own your townhome lot and are responsible for interior maintenance and items under your exclusive control. The sub-association handles exterior maintenance (roof, gutters, siding, decks, walks, driveways) and common area upkeep (landscaping, paved areas).
• Assessments & fees: Annual assessments are set by the board, with a maximum annual increase of 10% without member vote (80% vote needed to reject a budget with ≤10% increase). A $500 working capital fee is due at closing. Special assessments require member approval. Late payments incur interest at 18% per annum and a lien on the lot.
• Party walls: Walls between townhomes are party walls. Repair costs are shared proportionally by the owners using the wall. Disputes are resolved by arbitration.
• Leasing & rentals: Owners may assign their common area use rights to tenants who occupy the residence as their principal residence. The owner forfeits their own use rights while the tenant is in occupancy.
• Common area use: Owners have an easement to use common areas, subject to association rules. Use may be suspended for unpaid assessments or rule violations (up to 60 days). The association can charge fees for use of facilities.
• Declarant (builder) rights: The builder (Declarant) retains significant control until all lots are sold, including voting rights (9 votes per unsold lot), the ability to alter common area boundaries, and exemption from assessments (but must cover operating deficits). No amendments or rules can materially affect Declarant's activities without written consent.
• What this document doesn't cover: This document does not specify pet rules, age restrictions, parking regulations, or architectural review standards. Those may be in the master declaration or association rules.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.