Princeton Place

What Princeton Place's governing documents say

Princeton Place is a standard single-family homeowners association (HOA) in Wilmington, NC. This document is the Declaration of Covenants, Conditions and Restrictions (CC&Rs) that binds all lot owners and residents. It establishes the HOA, defines common areas (including recreational facilities like a pool and clubhouse), and sets rules for assessments, maintenance, and property use.

• What you own & maintain: You own your lot and dwelling unit. You must maintain your lot and unit at your own expense, including exterior appearance (no painting or alterations without HOA approval). The HOA maintains common areas (roads, landscaping, recreational facilities) and can assess you for repairs caused by you, your family, pets, or tenants.
• Assessments & fees: All lot owners (except the developer during the development period) pay regular monthly assessments. New owners pay a working capital assessment equal to two months of regular assessments at closing. Special assessments for capital improvements over $25,000 per item or $50,000 per year require a 2/3 vote of members. Delinquent assessments accrue 10% annual interest and become a lien on the property.
• Recreational facilities: The community includes a swimming pool, clubhouse (with exercise room), and related grounds. Owners and their tenants, family, and guests have a right to use these common areas, subject to HOA rules. The HOA may suspend use for up to 60 days for rule violations or non-payment.
• Leasing & rentals: Tenants (leaseholders) have a non-transferable right to use common areas while they reside there. The document does not specify minimum lease terms or restrictions on the number of rentals.
• Architectural control: You must obtain written HOA consent before painting or altering the exterior of your dwelling unit. All repairs and maintenance must comply with HOA rules and architectural standards.
• Pets: The document does not contain specific pet restrictions (e.g., limits on number, size, or breed). However, the HOA may adopt rules and regulations regarding pets.
• What this document doesn't cover: This excerpt does not include specific rules on parking, noise, trash, or age restrictions. It also does not list the current assessment amounts or the full text of the HOA's rules and regulations.

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.