Island Dream Townhomes V
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What Island Dream Townhomes V's governing documents say
Island Dream Townhomes V is a small condominium community in Carolina Beach, NC, with just two units in a single building. This declaration governs unit owners, who each own their unit and a 50% undivided interest in the common areas. The document sets rules for use, maintenance, assessments, insurance, and other condominium operations.
- What you own & maintain: You own your unit (interior surfaces of walls, floors, ceilings) and a 50% undivided share of common areas. The association maintains common elements (roof, exterior walls, foundations, utility lines serving both units, yard, parking, etc.) and limited common areas (decks, driveways, garages serving only your unit). You must maintain your unit's interior and comply with insurance requirements.
- Leasing & rentals: Rental of units is allowed, subject to association rules. No time-share sales are permitted. The association may require a statement of unpaid assessments for prospective tenants.
- Use restrictions: Units are for single-family residential use only. No immoral, offensive, or nuisance activities. No structural exterior alterations without board approval. No boats, trailers, or motor homes stored on common or limited common areas unless designated by the board.
- Pets: The association may require removal of a pet if it is determined to be a nuisance.
- Assessments & fees: Each unit owner pays 50% of common expenses. Annual assessments are set by the board, approved by members, and payable monthly unless otherwise determined. Delinquent assessments accrue interest and late fees, and create a lien on the unit. The association can foreclose for nonpayment.
- Insurance: The association carries master property and liability insurance (minimum $300,000 liability) 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 element interest or membership. Proceeds are used for repair/replacement; any excess is distributed per the declaration.
- Amendments & termination: The declaration can be amended only by unanimous vote of all unit owners. Termination requires an instrument executed by all unit owners and recorded, following statutory procedures.
Key facts from Island Dream Townhomes V's documents
- Community type
- Condominium (Caption: 'ISLAND DREAM TOWNHOMES V ("A C)
- Developer / declarant
- DR Associates, LLC, a North Carolina Company (Preamble; Article I(L))
- Governing law
- Chapter 47C of the North Carolina General Statutes (North Carolina Condominium Act) (Preamble; Article I(A))
- Assessments & dues
- Board proposes budget, approved by membership at annual meeting (Article XI(B): 'Board of Directors shall)
- Special assessments
- Permitted; e.g., for maintenance deficiencies (Article IX(B)) and deficiency after damage (Article XV) (Article IX(B): 'repaired or replaced by )
- Collections & liens
- Unpaid assessment creates a lien on the unit; enforceable by foreclosure under NC statutes; Association may bid and acquire unit (Article XI(H),(I); Article XIII(D))
- Reserves & fees
- Capital improvement fund for replacement and capital improvements; maintained in separate account; interest may be used for operations (Article XI(C))
- Pets
- Yes, but Association may require removal if deemed a nuisance (Article VIII(E): 'The Unit Owners Associ)
- Leasing & rentals
- Yes, rentals are permitted pursuant to rules and regulations of Association (Article VIII(A): 'which shall include th)
- Parking & vehicles
- Not explicitly prohibited; but no boats, trailers, motor homes may be stored (Article VIII(D))
- Architectural approval
- Yes; Board consent required for structural modifications, exterior changes, fixing objects to common/limited common areas (Article VIII(C))
- Home business
- Not explicitly prohibited; but uses must be incidental to residential use and not interfere (Article VIII(A): 'uses reasonably incide)
- Signs & flags
- Not specifically mentioned; signs covered (Article VIII(C))
- Maintenance
- Roof is part of common area (exterior walls, roofs); Association maintains (Article V(A)(1): 'roofs' listed as commo)
- Insurance
- Deductible is a common expense (Article XIV(C): 'any deductibles payable)
- Use restrictions
- Yes; single family residential purposes; rental allowed per rules (Article VIII(A): 'buildings and each of )
- Voting & meetings
- Based on unit ownership; each unit owner has a vote; details in Bylaws referenced (Article I(D) and reference to Bylaws)
- Amendments
- May be amended by vote of not less than all unit owners at a meeting held in accordance with By-Laws; amendment recorded; no amendment detrimental to Declarant without declarant's written approval (Article XIX)
About this HOA
Island Dream Townhomes V is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Island Dream Townhomes V: 1 CC&R. Last updated 2026-06-01.