Wrightsville Sound Village

What Wrightsville Sound Village's governing documents say

Wrightsville Sound Village is a condominium community in Wilmington, NC, where you own your individual unit and share ownership of the common elements. The association maintains the common areas and carries master insurance, funded by assessments based on your unit's allocated interest. The community was built in phases, with Phase I having 31 units and a potential Phase II of up to 19 units, but the developer's right to add Phase II expired in 1989.

• What you own & maintain: You own the interior of your unit (including non-load-bearing walls, interior surfaces, fixtures, and equipment). The association maintains the common elements (foundations, exterior walls, roof, stairways, parking areas, sidewalks, and utility infrastructure). You must keep your unit in good repair and comply with insurance requirements.
• Leasing & rentals: Units may be rented for residential/lodging purposes, but the declaration does not specify a minimum lease term. The board may recommend rental agents, but owners have the absolute right to rent directly. No rental pooling or mandatory rental is required.
• Pets: The declaration does not address pet restrictions. Check the association's rules and regulations for any pet policies.
• Assessments & fees: Unit owners pay monthly assessments based on their allocated interest (see Exhibit D). At closing, a two-month working capital reserve is required. Delinquent assessments bear interest and create a lien on the unit.
• Insurance: The association carries master property and liability insurance (minimum $1,000,000 liability) on the common elements and units (excluding personal property). Proceeds are held in trust for repair or distribution. Unit owners must maintain their own personal property insurance.
• Use restrictions: Units must be used for residential and lodging accommodation purposes. The declarant had limited commercial use rights for sales/rental offices, which cease when all units are sold.
• Amendments & termination: The declaration can be amended by a 67% vote of unit owners. Termination requires a recorded agreement as per the North Carolina Condominium Act. After substantial destruction (over 2/3 of units), owners of 80% of units (including 100% of units not to be rebuilt) can decide not to reconstruct.
• What this document doesn't cover: This is the declaration of condominium only. It does not include the full bylaws, rules and regulations, or specific details about parking, architectural review, or age restrictions. Those may be found in separate documents.

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.