Lost Acres Estates

What Lost Acres Estates's governing documents say

Lost Acres Estates is a standard single-family residential subdivision in Carefree, AZ, governed by a homeowners' association (HOA). Lot owners automatically become members of the community association and are bound by the declaration, which imposes assessments, use restrictions, and architectural controls. The text shown is an excerpt and may not include all rules.

• Membership & voting: Each lot owner is automatically a member of the Lost Acres Estates Community Association with one vote per lot. Declarant (developer) retains 3 votes per lot until the Transition Date (when 90% of homes are sold or Declarant voluntarily cedes control). Voting requires good standing and a 60% quorum for the first meeting, reduced to half of that for a subsequent meeting.
• Assessments & fees: Regular assessments started at $50/month per lot in 1993 (Base Assessment) and automatically increase annually through 2013 based on the Consumer Price Index (CPI). Annual increases exceeding 10% require a two-thirds membership vote. Special assessments may be levied for compliance violations or other costs. Payments are due monthly; late charges and interest (default rate 18% or prime+4%) apply, and unpaid assessments become a lien on the lot.
• Use restrictions: Lots are for residential use only. The declaration restricts signs, antennas, boats, motor vehicles, nuisances, garbage, and fires. No further subdivision of lots is allowed. Detailed rules on animals and rental of lots are referenced but not fully shown in the excerpt.
• Architectural control: A Community Design Review Committee appointed by the Board must approve plans for any construction, alterations, or landscaping. The committee may adopt Community Design Guidelines. All improvements require approval to ensure conformity with community standards.
• Maintenance responsibility: Owners are responsible for maintenance of their own lots and improvements. The association maintains common areas, including private roads, and may perform certain exterior maintenance (e.g., painting, stucco repairs) as specified in Section 8 of the declaration.
• Enforcement & fines: The association can enforce rules through fines treated as special assessments, liens, and legal action. The Board's determinations are binding on owners and members. Owners may be personally liable for unpaid assessments and costs of enforcement, including attorney's fees.
• What this document doesn't cover: This excerpt is a partial view of the full declaration. Specifics on pet limits, leasing terms, parking rules, and age restrictions are not visible. Full details on architectural guidelines and community association rules would be 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.