Prescott Ridge Condominium

Key facts from Prescott Ridge Condominium's documents

Community type

Condominium

Legal name

Prescott Ridge Condominium

Developer / declarant

McCar Homes, Inc., a Georgia corporation, as successor by name change to McCar Development Corp. (Preamble)

Governing law

Georgia Condominium Act, O.C.G.A. §44-3-70 et seq. (Section 1)

Assessments & dues

Not fixed; set by Board budget (Section 10(d): Board prepares budget cov)

Special assessments

Board may levy special assessments; if average total exceeds $200 per Unit in a fiscal year, must be approved by majority of total Association vote. (Section 10(e))

Collections & liens

Assessments are a continuing lien on the Unit; personal obligation of Owner; foreclosure rights under Act. (Section 10(b): shall be a charge on the )

Reserves & fees

Annual capital budget required; capital contribution set by Board; Declarant not required to prepare during control period. (Section 10(f), (g))

Architectural approval

Yes; during Declarant control approval by Declarant; after control by Architectural Control Committee. (Section 13)

Signs & flags

Requires prior written approval from Declarant (during control) or ACC (after control). (Section 13(a) and (b): any object, sign,)

Insurance

Deductible per occurrence shall not exceed $2,500 (Section 11(a)(vi): The deductible amount)

Voting & meetings

One vote per Unit (Section 7: each Owner shall be entitled )

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