Valleygate Villas

What Valleygate Villas's governing documents say

Valleygate Villas is a condominium community in Wilmington, NC — you own your individual unit and share ownership of the building's common elements, which the association maintains. This declaration establishes the condominium, defines unit boundaries, common areas, and the association's powers, and reserves the developer's right to add up to 80 more units in future phases.

• What you own & maintain: You own the interior of your unit (including non-load-bearing walls, finishes, windows, exterior doors, and mechanical equipment like the heat pump). The association maintains all common elements (roofs, exterior walls, structural components, and central utility installations) and limited common areas (decks, patios, stairways).
• Unit details: Each of the 8 initial units is about 994 sq. ft. with 2 bedrooms, 2 bathrooms, a kitchen, living/dining area, utility room, front porch, rear deck, and two designated parking spaces. Units are two-story, wood-frame construction.
• Developer rights & future expansion: The developer reserves the right to add up to 80 additional units on adjacent land (Exhibit A-1) without unit owner consent. Additional units must be compatible in style and quality, and all restrictions in this declaration will apply to them.
• Association & governance: The Valleygate Villas Homeowners Association, Inc. manages the property. The developer controls the board until the earlier of: 120 days after selling 75% of units, 2 years after sales cease, 2 years after last development right exercised, or 5 years after first unit sale. Unit owners gradually gain board seats as units are sold.
• Common expenses & assessments: The association levies assessments to pay for common expenses, including a capital reserve. Each unit's share is based on its allocated interest (percentage of undivided interest in common elements), which may be adjusted if additional units are added.
• What this document doesn't cover: This declaration does not specify rules on pets, leasing (minimum lease terms), age restrictions, or architectural review procedures. Those may be covered in the association's bylaws 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.