Island Dream Townhomes III
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What Island Dream Townhomes III's governing documents say
Island Dream Townhomes III is a small condominium community in Carolina Beach, NC, consisting of a single two-unit building. You own your individual unit and an undivided 50% share of the common areas, which the association maintains and insures. The declaration governs use, maintenance, assessments, and insurance for all unit owners.
- What you own & maintain: You own your unit (interior surfaces of perimeter walls, ceiling, and floor) and a 50% undivided interest in common areas. The association maintains common elements (foundations, roof, exterior walls, utility lines, yard, parking) and limited common areas (decks, driveways, garages serving only your unit). You must keep your unit in good repair.
- Leasing & rentals: Rental of units is permitted, subject to association rules. No minimum lease term is stated in this declaration.
- Pets: The association may require removal of any pet deemed a nuisance. No specific pet limit is stated.
- Architectural review: No structural modifications, exterior changes (painting, antennas, signs), or alterations to common/limited common areas (including landscaping) 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 except as designated by the Board.
- Assessments & fees: Unit owners pay monthly assessments based on their 50% undivided interest. The Board proposes an annual budget, which is approved by members. Delinquent assessments accrue interest at the maximum legal rate, plus late fees and collection costs, and create a lien on the unit.
- Insurance: The association carries master property and liability insurance (minimum $300,000 liability) on common elements. Unit owners are insured for liability arising from common element interest. Insurance proceeds are used for repair/reconstruction; any excess is common expense.
- Use restrictions: Units are for single-family residential use only. No immoral, offensive, or nuisance uses. No time-share sales. All laws and zoning must be observed.
Key facts from Island Dream Townhomes III's documents
- Community type
- Condominium
- Legal name
- Island Dream Townhomes III
- Developer / declarant
- DR Associates, LLC (Preamble and Article I definition of Dec)
- Governing law
- Chapter 47C of the General Statutes of North Carolina, the North Carolina Condominium Act (Article I, definition of Act)
- Assessments & dues
- Board of Directors proposes annual budget; budget submitted to membership for approval at annual meeting; assessments apportioned based on undivided interests in common areas (50% each unit) (Article XI.B (annual assessments), Artic)
- Special assessments
- Association may impose special assessment for owner's failure to repair, or for deficiency in insurance proceeds (Article IX.B (special assessment for own)
- Collections & liens
- Unpaid assessment constitutes a lien against the unit; may be foreclosed as per NC law; Association may bid at foreclosure and sell unit; proceeds used for assessments, costs, attorney's fees, liens, expenses; surplus returned to former own (Article XI.H, XI.I)
- Reserves & fees
- Board may designate a sum in annual budget to be collected as a capital improvement and replacement fund, maintained in a separate account; interest may be used for current operations (Article XI.C)
- Pets
- Yes, but Association may require removal of a pet if it is determined to be a nuisance (Article VIII.E: "The Unit Owners Associa)
- Leasing & rentals
- Yes, rental of any units by the owner(s) thereof pursuant to rules and regulations established by the Association (Article VIII.A: "which shall include the)
- Architectural approval
- Yes, written consent of Board of Directors required for structural modifications, exterior changes, and any alterations to common or limited common areas (Article VIII.C: "No owner of a unit shal)
- Signs & flags
- Requires written consent of Board of Directors; no owner shall install signs without such consent (Article VIII.C: "alter nor cause any cha)
- Maintenance
- Roof is part of common areas; Association is responsible for maintenance (Article V.A.1 (common areas include roof)
- Insurance
- Deductibles payable by Association are a common expense (Article XIV.C: "any deductibles payable )
- Use restrictions
- Yes, each unit shall be used only for single family residential purposes (Article VIII.A: "The buildings and each )
- Amendments
- Amendment requires vote of not less than all unit owners at a meeting duly held per By-Laws; must be recorded; no amendment detrimental to Declarant without Declarant's written approval (Article XIX)
About this HOA
Island Dream Townhomes III is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Island Dream Townhomes III: 1 CC&R. Last updated 2026-06-01.