Ventura Professional Village

What Ventura Professional Village's governing documents say

This document is a private transfer fee covenant recorded against Ventura Professional Village, a condominium in Gilbert, AZ. It requires a 1% fee on each resale of a unit, payable to a trustee and distributed to certain beneficiaries. This is an ancillary document that supplements the main condominium declaration; it does not contain typical homeowner rules like pet limits, maintenance responsibilities, or leasing restrictions.

• What this document does: It imposes a covenant running with the land that requires the seller to pay a transfer fee (1% of the gross sales price) at each sale of a unit, except for exempt transfers.
• Transfer fee amount & payment: The fee is 1% of the gross sales price, payable to the Trustee (National Covenant Disbursement, LLC) at closing. The closing agent may withhold a fee (greater of $100 or 2% of the transfer fee).
• Exempt transfers: No fee is due on transfers by the declarant, between spouses, by inheritance or bankruptcy, by foreclosure or deed in lieu, to a government agency, or by certain named entities (V-2 Properties, LC).
• Term & enforceability: The covenant is effective for 99 years from the recording date (2008). It is a deed restriction and lien on the property, enforceable by the Trustee through foreclosure if unpaid.
• Lien & collection: Unpaid fees become a lien on the property. The Trustee can foreclose or sue for money judgment. Interest accrues at 18% per year. Foreclosure requires a 30-day notice to the owner.
• Beneficiaries & use of funds: The fee is split among four beneficiaries (e.g., Ventura PV Development, Freehold Licensing). 5% of collected fees goes to a nonprofit for community benefit; the rest goes to beneficiaries.
• What this document doesn't cover: This document does not address typical condominium or HOA rules such as pet limits, leasing restrictions, maintenance obligations, architectural review, parking, or age restrictions. Those are governed by the separate Declaration of Condominium recorded in 2004.

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.