Fales Landing at Oyster Bay

What Fales Landing at Oyster Bay's governing documents say

Fales Landing at Oyster Bay is a 7-lot single-family home sub-association within the larger Oyster Bay master-planned community in Wilmington, NC. This document governs what you own, maintain, and can do as a lot owner, and it sets up the homeowners association (HOA). It is a full rulebook for this sub-community, not a partial fragment.

• What you own & maintain: You own your lot and the home on it. The HOA owns and maintains the common area, which consists of a boat dock facility (each lot gets its own designated boat slip), access easements, and stormwater management features. The HOA also carries master insurance and maintains reserves for repairs.
• Boat dock & slips (limited common elements): There is a boat dock facility with 7 boat slips. Each lot is permanently assigned one specific slip: Lot 1 gets Slip 1, Lot 2 gets Slip 2, and so on through Lot 7. These slips are limited common elements you have an exclusive right to use as the lot owner.
• Leasing & rentals: Leases must be in writing and for a term no shorter than 6 months. The lease must state it is subject to all governing documents, and a tenant’s violation counts as a default under the lease. You may not lease your boat slip separately except to another lot owner with HOA approval.
• Assessments & fees: Annual assessments start at a maximum of $1,000 per lot (paid quarterly) and can increase by up to 10% per year without a membership vote. A special assessment for capital improvements requires a 2/3 vote of members (and Declarant consent during developer control). At closing, you pay a one-time working capital fee of $1,000 or as otherwise set by the HOA.
• HOA powers & member votes: The HOA board can adopt rules and fines for common-element use. Members vote on budgets, special assessments, and amendments. Budgets are ratified unless a majority of lot owners reject them. For capital-improvement assessments or major actions (borrowing, dedicating common areas), an 80% member vote is needed. Each lot gets one vote; the developer has 20 votes per unsold lot until the developer period ends.
• What this document doesn't cover: This declaration does not include pet rules, architectural control guidelines, parking restrictions, or age restrictions. Those may appear in other documents (the Master Declaration or community 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.