Ocean Point Property Owners Association

Key facts from Ocean Point Property Owners Association's documents

Reflects the 1988 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Planned development community with residential, commercial, and recreational uses (WHEREAS clause)

Governing law

South Carolina non-profit corporation law (WHEREAS clause (incorporation under laws)

Assessments & dues

Initial: $1,272 per year ($106/month); after pool completion increase by $660/year ($55/month); example if all common property built: $1,932/year (Article V Section 3)

Special assessments

Allowed for capital improvements, facilities, loan repayment; requires 2/3 of votes in referendum; cannot exceed maximum annual assessment in that year (Article V Section 5)

Collections & liens

Assessment becomes a continuing lien on the property; personal obligation of Owner; subordinate to mortgages; Association may bring action at law and foreclose (Article V Sections 1 and 11)

Reserves & fees

Association may establish reserve funds from regular annual assessments for major repairs, emergencies, periodic maintenance, new services (Article V Section 7)

Architectural approval

Yes – Declarant must approve plans, materials, landscaping, etc. before construction or alteration (Article VI Section 1)

Maintenance

Association responsible for Common Property maintenance (roads, pools, etc.); Owner responsible for lot and dwelling unit; Association may perform repairs at Owner's expense if necessary (Article VII Section 1-2; Article VIII Se)

Insurance

Association may provide liability and hazard insurance for Common Property improvements and activities (Article VII Section 2(o))

Use restrictions

Dwelling Units intended for use as single-family, townhouse, condominium, duplex, patio/cluster; property used only for uses and purposes set out in Declaration (Article I(g) and Article VIII Section 5)

Voting & meetings

Two types: Type A (Owners of Lots/Dwelling Units) – 1 vote per lot or dwelling unit; Type B (Declarant) – 1 vote for each Type A vote plus 1, until Jan 1, 2008 or sale of 90% of Lots/Dwelling Units, whichever first (Article III Section 2)

Amendments

Declarant may amend until Jan 1, 2008 without diluting voting or raising assessments; thereafter 3/4 vote of members; quorum 60% first meeting, 50% second; Declarant consent required while Type B controls board (Article IX Section 2)

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