Tidewater Terrace Condominium

What Tidewater Terrace Condominium's governing documents say

Tidewater Terrace is a 2-unit condominium in Wrightsville Beach, NC — you own your unit and share the common elements (including a pier and boat dock) with the other owner. The declaration covers use restrictions, party wall rules, a right of first refusal on sales/leases, and architectural control.

• What you own & maintain: Each unit is a 3-story, 3,000 sq ft residence with a 1/2 undivided interest in common elements (including pier and boat dock, but not boatlifts). The party wall between units is a common element; exterior walls, decks, porches, and balconies are part of the unit. Each owner maintains their own boatlift if present.
• Use restrictions: Units must be occupied as a residence by a family, servants, and guests only. No unit may be subdivided, and no single rooms may be rented. No use that is a source of annoyance or increases insurance rates is permitted.
• Leasing & rentals: Leases are subject to a right of first refusal: the other unit owner has 10 days to match any lease offer. Leases to immediate family (spouse, parents, lineal descendants) or to entities 80%+ owned by such family are exempt. No minimum lease term is stated.
• Right of first refusal: Before selling or leasing, the unit must first be offered to the other unit owner at the same price/terms (less real estate commissions). The other owner has 10 days to respond and 45 days to close. This does not apply to transfers to spouse, parents, lineal descendants, or qualifying family-owned entities.
• Party walls: The wall between units is a party wall and a common element. Repair costs are shared proportionally to use. If an owner negligently or willfully damages the party wall, they bear the full cost of protection. Disputes are settled by arbitration.
• Architectural review: No exterior structure or change may be made without written approval of the Board. However, each owner may change their unit's color scheme without the other's consent.
• Assessments & liens: Assessments are levied per unit and, if unpaid, create a lien under the North Carolina Condominium Act. Liens are subordinate to first mortgages recorded before the lien.
• What this document doesn't cover: This declaration does not specify pet rules, parking, rental caps, age restrictions, or detailed insurance requirements. Those may be in the By-laws or 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.