Island Dream Townhomes

What Island Dream Townhomes's governing documents say

Island Dream Townhomes is a small condominium community in Carolina Beach, NC, consisting of a single two-unit building. You own your individual unit plus a 50% undivided share of the common areas, and the association maintains the shared structure and grounds.

• What you own & maintain: You own the interior of your unit (bounded by unfinished surfaces of walls, ceiling, and floor). The association maintains all common elements (foundations, exterior walls, roof, yard, parking, utility lines serving more than one unit) and limited common areas (decks, driveways, garages serving only your unit). You must keep your unit in good repair and comply with insurance requirements.
• Leasing & rentals: Rental is allowed, subject to association rules. The declaration does not set a minimum lease term or require board approval for leases.
• Pets: The association may require removal of any pet that becomes a nuisance. No limit on number or type is stated in this declaration.
• Architectural review: No structural modifications or exterior changes (including painting, antennas, signs, fences, or landscaping) may be made without prior written consent of the Board of Directors.
• Parking & vehicles: Boats, trailers, motor homes, and similar vehicles may not be stored on common or limited common areas unless designated by the Board.
• Assessments & fees: Each unit owner pays a 50% share of common expenses, set by an annual budget approved by members. Assessments are due monthly unless the Board decides otherwise. Delinquent assessments accrue interest and late fees, and create a lien on the unit enforceable by foreclosure.
• Insurance: The association carries master property and liability insurance (minimum $300,000 per occurrence) on the building and common areas. Premiums are a common expense. Each unit owner is an insured under the policy for liability arising from common elements or membership.
• Use restrictions: Units may be used only for single-family residential purposes. No immoral, offensive, or unlawful use is allowed. No time-share sales are permitted.

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.