Pearson Farms Community Association Inc

What Pearson Farms Community Association Inc's governing documents say

Pearson Farms is a planned single-family residential community in Apex, NC, governed by a homeowners association (HOA). This declaration sets up the association, its voting structure, property rights, and the system of assessments that fund common areas and amenities, including a swim and tennis club. It applies to all owners of residential lots and homes in the community.

• What you own & maintain: You own your lot and home (a single-family detached dwelling). The association maintains common properties, which may include open space, recreational facilities, and other shared areas, but you are responsible for your own property.
• Membership & voting: Every owner is a member of the association. Each lot or home gets one vote, but the developer holds three votes per lot until a certain point or until January 1, 2001, whichever comes first. Owners can assign voting rights to their tenants for the leased property.
• Assessments & fees: The association levies annual and special assessments to maintain common areas and provide services. The maximum annual assessment is set on a schedule and can increase automatically each year by up to 10% or the Consumer Price Index increase, whichever is greater, but not more than 12% per year. Special assessments require a 51% vote of members and are limited in amount except for emergencies.
• Recreation & amenities: All owners are members of the Olive Chapel Swim and Tennis Club, which provides access to amenities like tennis courts and a swimming pool. Use is subject to the club's rules and fees.
• Leasing & rentals: Owners may lease their homes, and tenants have the same rights to common areas as owners. However, the owner remains responsible for assessments and must assign voting rights to the tenant if desired. There is no minimum lease term stated in this excerpt.
• What this document doesn't cover: This excerpt does not include details on architectural review, parking rules, pet restrictions, or other typical HOA rules. Those may be covered in other sections of the declaration or in separate rules and regulations.

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.