Riverside Cove

What Riverside Cove's governing documents say

Riverside Cove is a new single-family home community in Wilmington, NC, governed by a homeowners' association (HOA) under the North Carolina Planned Community Act. This document is the full declaration of covenants, conditions, and restrictions that will run with the land and bind all current and future owners. It establishes the HOA, defines property rights, sets up mandatory assessments, and includes architectural controls.

• What you own & maintain: You own your lot and the dwelling on it. The association owns and maintains the common areas (including streets, sidewalks, stormwater facilities, and recreation areas) and may also maintain certain easements on your lot. You are responsible for all taxes and maintenance on your lot, including any portion covered by a common area easement.
• Mandatory assessments & fees: All lot owners must pay annual assessments set by the board and ratified by owners, plus possible special assessments for unbudgeted expenses. There is also a one-time $1,000 initial capital contribution due at closing. Assessments are uniform per lot; unpaid amounts become a lien on the property and accrue 18% annual interest and late fees.
• Architectural review: No exterior improvements (including fences, sheds, landscaping changes, or color changes) may be made without prior written approval from the declarant (builder) or, after the declarant surrenders control, the board or an architectural review committee. Plans must be submitted and approved within 60 days or approval is deemed given. Initial dwellings must be built by a builder approved by the declarant.
• Use of common areas: Owners, their families, tenants, and guests have a right to use common areas, subject to association rules. The association may charge fees for recreational facilities and can suspend use rights for up to 60 days for rule violations. Owners may not damage common areas, erect structures, or park on landscaped areas without permission.
• Leasing & rentals: Owners may lease their lot, and tenants may use common areas as their principal residence. While leasing, the owner forfeits their own common area use rights. The document does not specify minimum lease terms or other rental restrictions.
• Voting & membership: Each lot owner is a member of the association with one vote per lot, regardless of number of co-owners. Voting rights can be suspended for unpaid assessments or rule violations (after a hearing).
• Declarant's reserved rights: The builder (Bill Clark Homes) retains significant control during the development period (up to 30 years), including the right to annex additional land, amend the declaration, approve builders, and veto certain association actions. The declarant is not subject to assessments on its own lots but must cover any operating deficit.
• What this document doesn't cover: This document does not specify any age restrictions, pet limits, parking rules, or specific architectural guidelines (those will be in separate documents). It also does not address rental caps or short-term rental prohibitions.

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.