Laura Terrace
You own a unit plus a share of the common elements; the association maintains the building and grounds.
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What Laura Terrace's governing documents say
Laura Terrace is a 5-unit condominium (horizontal property regime) in Fountain Hills, AZ. You own your individual unit and share ownership of the common elements with the other owners. The rules apply to all unit owners and their tenants and guests.
- Use restrictions: Units may be used only as a private single-family dwelling for the owner, family, tenants, and social guests. No business, professional, commercial, religious, or institutional use is allowed (except Declarant's sales office and Association activities). No temporary structures, trailers, or tents may be used as residences.
- Pets: Commonly accepted household pets are allowed, but not for commercial purposes. Pets must be leashed when outside the unit, and the owner must clean up droppings and repair any damage.
- Parking & vehicles: Vehicles belonging to owners, family, guests, or tenants must be parked only in designated areas. Recreational or commercial vehicles must be parked in a designated area or kept off the property.
- Architectural review: No exterior improvements, alterations, or repainting may be done without prior written approval from the Association. Plans must be submitted; if no response within 30 days, approval is deemed given. However, no addition may increase the unit's original square footage.
- Assessments: Every unit owner must pay monthly assessments (annual and special) based on their 1/5 undivided interest. The maximum annual assessment was left blank initially but can be raised up to 10% per year by Board vote; any larger increase requires a majority vote of owners. Delinquent assessments bear 18% annual interest and become a lien on the unit.
- Right of first refusal: The Association has a right of first refusal on any sale of a unit. The terms are set in the By-Laws, and any sale without complying is void.
Key facts from Laura Terrace's documents
- Community type
- Condominium (Horizontal Property Regime) (Preamble - "create a separate ownership )
- Legal name
- Laura Terrace Homeowners Association, Inc. (Article I, Section 7)
- Governing law
- Arizona Revised Statutes Sections 33-551 through 33-556 (Horizontal Property Regime statutes) (Article II, Section 2)
- Assessments & dues
- Maximum annual assessment per unit not specified (blank) (Article VI, Section 9 - "maximum annual )
- Special assessments
- Allowed by Board majority vote and then ratified by over 50% of members present at a meeting with quorum; for limited common elements, majority of affected members must also ratify (Article VI, Section 10)
- Reserves & fees
- Board may establish reserve for repair, maintenance, and other charges and insurance (Article VI, Section 5(C))
- Pets
- Commonly accepted household pets allowed; not for commercial purposes (Article XI, Section 5)
- Leasing & rentals
- Implied - units may be occupied by tenants (Article XI, Sec 1 mentions 'tenants'); no explicit prohibition (Article XI, Section 1)
- Parking & vehicles
- No vehicles left parked in any driveway or private street except those belonging to owners or their guests, family, or tenants (Article XI, Section 4)
- Fences
- Except in individual patio areas, no fences, hedges, or walls except as installed on date of Declaration or subsequently approved by Association (Article XI, Section 8)
- Architectural approval
- No improvement, building, fence, wall, or other structure shall be commenced, erected, or maintained without prior written approval of Association (Article VIII, Section 1)
- Home business
- No business, professional, commercial, religious or institutional purposes allowed on premises (Article XI, Section 3)
- Signs & flags
- Only one sign, not exceeding 16" x 24", for sale or rent, displayed from interior of unit window; no other signs except Association activities (Article XI, Section 10)
- Insurance
- Board obtains insurance for common elements and units including original fixtures, fire and other hazards, full replacement cost, and broad form public liability (Article X, Section 1)
- Use restrictions
- Each unit limited to single family condominium unit, occupied as private dwelling for owner, family, tenants, and social guests only (Article XI, Section 1)
- Voting & meetings
- Class A (unit owners): 1 vote per unit; Class B (Declarant): 2 votes per unit until class A votes equal class B or 5 years from date of Declaration (Article IV, Section 1)
About this HOA
Laura Terrace is a homeowners association in Fountain Hills, AZ.
HOAproxy has 1 document on file for Laura Terrace: 1 recorded document. Last updated 2026-07-24.