Preston Lake Homeowners Association

Key facts from Preston Lake Homeowners Association's documents

Community type

Homeowners Association (planned community); condominium units may also be subject (Main Street at Preston Lake Condominium) (Part One, page 6; Part Two, I. Introduct)

Legal name

Preston Lake Homeowners Association (Part One, page 1; Part Two, I. Introduct)

Developer / declarant

Preston Lake Homes, LLC (Declaration recitals, page 22-23)

Governing law

Virginia Property Owners' Association Act, Chapter 26 of Title 55 (Part One, page 1; Part One, page 3; Sect)

Special assessments

Allowed; none currently approved (Part One, page 4 (B. NONE))

Collections & liens

Unpaid assessment becomes a lien against the Lot; Association may record memorandum of lien and foreclose nonjudicially (PART ONE, Page 7; Declaration Sec. 12.2)

Reserves & fees

As of date of disclosure, reserve balance is $0 (PART ONE, Page 5)

Leasing & rentals

Leasing is addressed in Article 8.5 of Declaration; details not provided in excerpt (Declaration Table of Contents (Article 8)

Architectural approval

for visible additions, alterations, improvements, including decks, fences, sheds, playhouses (Part Two IV, page 13)

Signs & flags

Restrictions on 'for sale' signs (PART ONE, Page 6)

Insurance

Hazard and property damage insurance on Common Area at replacement cost; $1,000,000 liability insurance (PART ONE, Page 5)

Voting & meetings

Class A (Owners) one vote per dwelling unit; Class B (Declarant) 860 votes less Class A votes during Declarant Control Period (PART ONE, Page 6; Declaration Sec. 1.3(c)

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