Waters Edge Townhouses

What Waters Edge Townhouses's governing documents say

Waters Edge Townhouses is a condominium community in Wilmington, NC — you own your individual unit and an undivided share of the common elements, which the association maintains and insures. This declaration establishes the legal framework for the condominium, including unit boundaries, common elements, assessments, and use restrictions.

• What you own & maintain: You own the interior surfaces of your unit's perimeter walls, floors, and ceilings, plus all fixtures and equipment inside (plumbing, HVAC, electrical, cabinetry, windows, doors). You must maintain your unit in good condition. The association maintains all common elements (foundations, exterior walls, roof, yard areas, parking, utility infrastructure) and limited common elements like decks and outside stairways.
• Leasing & rentals: Units may be rented for residential and lodging accommodations, subject to association rules. The board may recommend rental agents, but owners have the absolute right to make direct rental arrangements consistent with the declaration and bylaws. No minimum lease term is stated in this document.
• Assessments & fees: Unit owners pay monthly assessments based on their allocated interest (percentage of common expense liability). At closing, each owner contributes a working capital reserve equal to two months' estimated assessment. Late payments bear interest at the maximum legal rate and create a lien on the unit.
• Insurance: The association carries master property and liability insurance (minimum $1,000,000 per occurrence) on the common elements and buildings. Premiums are a common expense. Proceeds are held in trust for unit owners and mortgagees. Owners must maintain their own unit contents insurance.
• Use restrictions: Units must be used for residential and lodging accommodation purposes only. No commercial use is allowed except that the declarant may use units as sales/rental offices until all units are sold.
• Amendments & termination: The declaration may be amended by a vote of at least 75% of all unit owners (by common interest). Termination requires a recorded agreement by unit owners as provided in the North Carolina Condominium Act.
• What this document doesn't cover: This declaration does not specify pet restrictions, age restrictions, parking rules, or architectural review procedures. Those may be addressed in the bylaws or separate 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.