Versant

Key facts from Versant's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Developer / declarant

Versant Community Association, Inc., a North Carolina Corporation (First paragraph of Declaration)

Governing law

North Carolina Planned Community Act, Chapter 47F of the General Statutes of North Carolina (Introductory paragraph, page 6)

Assessments & dues

By budgeting for common expenses and allocating among all Lots; Assessments collected as Annual Assessments and reserves (Sections 11.1-11.2)

Special assessments

Permitted for unanticipated expenses or to fund reserves (Section 11.3)

Collections & liens

Assessments create a lien and personal obligation; Association may enforce through lien foreclosure (Sections 11.6, 11.7)

Reserves & fees

Association shall establish and maintain an adequate reserve fund for periodic maintenance, repair, replacement, and unanticipated expenses (Section 3.8)

Pets

Usual and common household pets only; no livestock or poultry; no commercial breeding (Section 4.7)

Leasing & rentals

Yes, but lease must be in writing and include requirement that lessee bound by Declaration (Section 4.2 (last sentence))

Parking & vehicles

Not permitted except within enclosed garages (Section 4.6(b))

Fences

Not specifically addressed; subject to ARC approval as modifications (Section 6.1 general)

Architectural approval

Written approval required for any change or modification to Lot or Dwelling Unit, including site work, construction, modification (Section 6.1)

Home business

Limited business activities allowed if not audible, visible, or olfactory beyond Lot boundary, no regular visits from clients/customers, consistent with residential character (Section 4.2)

Insurance

Association shall maintain insurance as described in Chapter 10; includes property and liability (Chapter 10 (especially 10.1))

Use restrictions

Each Lot shall be used exclusively for single-family, non-transient residential purposes (Section 4.1)

Voting & meetings

Each Lot has one vote; co-owners share vote; if multiple co-owners seek to vote, vote is suspended (Section 3.3)

Amendments

May be amended as provided in Section 14.2 of original Declaration; not detailed in this document other than reference (Declarant's Termination section (referen)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.