505 Philco Condominiums

Key facts from 505 Philco Condominiums's documents

Reflects the 2025 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

505 Philco Condominiums

Developer / declarant

South Ist Dev LLC (Page 1)

Governing law

Texas Uniform Condominium Act (TUCA), Chapter 82 of Texas Property Code (Section 2)

Assessments & dues

Members estimate annual cash requirement; Regular Assessments paid monthly (Section 4.05)

Special assessments

Allowed if Regular Assessment inadequate; levied same manner (Section 4.06)

Collections & liens

Association has lien for delinquent assessments; may foreclose non-judicially per Texas Property Code §51.002 (Section 4.04)

Reserves & fees

15% per annum on unpaid common expenses; 10% per annum on delinquent property taxes (Sections 1.05 and 3.09)

Maintenance

Owner responsibility (part of Unit improvements) (Section 2.04(2): roofs included within U)

Insurance

Hazard insurance for full replacement value; liability insurance min $500,000 per occurrence (Section 6.01(a)(i) and (ii))

Voting & meetings

Each Unit one-third vote; equal per owner within Unit (Section 3.03)

Amendments

Not fully available in provided text; requires unanimous consent for certain changes (e.g., allocation of Common Elements per Section 2.08) (Section 2.08)

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