Greenway Village Townhomes

What Greenway Village Townhomes's governing documents say

Greenway Village Townhomes is a townhome community in Wilmington, NC, where you own your lot and the attached townhouse unit, and share ownership of common areas through the Greenway Village Homeowners' Association. The association maintains the exteriors of the townhomes and common areas, funded by assessments on each lot. These rules apply to all lot owners and their tenants.

• What you own & maintain: You own your lot and the townhouse unit. The association handles exterior maintenance (roofs, gutters, exterior surfaces, decks, landscaping) but not glass surfaces. If damage is caused by you or your guests, you pay the repair cost.
• Assessments & fees: Annual assessments fund common area maintenance, insurance, and other costs. The board sets the amount, and annual increases are capped at 5% without a two-thirds vote of members. Special assessments for capital improvements also require a two-thirds vote. Assessments are a lien on your lot if unpaid.
• Architectural review: Any exterior changes (buildings, fences, paint colors) must be approved in writing by the board or an architectural committee. If no decision is made within 30 days, approval is deemed given as long as the change fits the overall project design.
• Parking & vehicles: Each lot owner may use up to two parking spaces near their unit. Additional spaces may be used if they don't interfere with other owners' rights.
• Party walls: Walls between townhouses are party walls. Repair costs are shared proportionally by the owners who use the wall. If a wall is destroyed by fire, any owner may restore it, and others who later use it must contribute.
• Insurance: The association carries property and liability insurance (minimum $1 million liability) on common areas and the townhouse structures (excluding personal property, appliances, and certain finishes). Premiums are paid as an additional assessment. Insurance proceeds are used for repairs or distributed to owners and lienholders.
• Leasing & rentals: Owners may lease their unit, and tenants may use common areas. The document does not specify a minimum lease term or other rental restrictions.
• What this document doesn't cover: This excerpt does not include pet rules, age restrictions, or specific rental limits. It also lacks details on the current assessment amount, which is set by the board.

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.