Ching Well Village

What Ching Well Village's governing documents say

Ching Well Village (known as Wishing Well Villas in the governing documents) is a 83-unit condominium community in Phoenix, Arizona, organized under Arizona's horizontal property regime law. You own your individual unit and an undivided 1/83 interest in all common elements (building structure, roof, shared systems, grounds, parking areas), which the association maintains and insures, funded by monthly per-unit assessments.

• What you own & maintain: You own your unit's interior space, patio, and balcony, plus an exclusive portion of the A/C system serving only your unit. You do NOT own the roof, bearing walls, structural components, or any pipes, wires, or systems serving other units or common areas — the association maintains those. You are responsible for interior decoration, painting, and keeping your patio/balcony neat and clean.
• Governance & voting: The Wishing Well Owners Association serves as the governing body, managed by a Board of Directors. Initially, the developer (Declarant) holds extra voting power; this converts to standard one-vote-per-unit ownership once certain sale conditions are met. Each owner automatically becomes an association member upon purchase.
• Monthly assessments & special costs: You pay a monthly assessment proportional to your unit's share of common expenses (utilities, maintenance, reserves). Special assessments for capital improvements are capped at 5% of the annual budget unless owners approve a higher amount. Emergency assessments are also possible. If you miss a payment within 15 days, the board may charge a late fee of $10 or 10% of the amount (whichever is greater), plus 10% annual interest.
• Parking & vehicles: You receive at least one restricted parking space assigned to your unit at purchase; additional spaces may be assigned by mutual agreement. Restricted spaces cannot be sold or rented separately from your unit — they transfer together. Guest parking spaces are also available for visitor use.
• Alterations & improvements: You may make non-structural interior changes (painting, fixtures) at your own expense without Board approval, but you are liable for any damage to other units or common areas. Board approval is required for any changes to common elements, patios, or balconies. Structural alterations to the building require approval by a majority of owners AND all first mortgagees, with costs typically assessed to all owners.
• Maintenance access & repairs: Board representatives, managers, and contractors have the right to reasonable access to your unit at reasonable times to perform maintenance on common elements and systems affecting your unit or others. If you cause damage to common elements or other units through willful or negligent acts, you must pay for repairs plus interest and attorney fees, enforced as a lien against your unit.
• Insurance & liability: The association carries casualty insurance (fire, extended coverage, vandalism, flood), liability insurance ($1,060,000 minimum per occurrence), and fidelity bonding. All costs are a common expense. You are responsible for your own homeowner's insurance covering your unit's contents, personal liability, and any improvements you make; your policy must not reduce or conflict with the association's coverage.
• Destruction, condemnation & sale of property: In partial damage or taking by government, the association will restore without a vote. In substantial destruction (repair costs exceed 50% of restored value) or substantial condemnation, the association must obtain written consent from owners and lenders before deciding to restore or sell. If more than half the property is deemed obsolete and undesirable, 75% of owners can vote to terminate the community and sell all assets.

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.