Waterford Estates Community Association, Inc. (NC)

Key facts from Waterford Estates Community Association, Inc. (NC)'s documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (nonprofit corporation) (Articles of Incorporation, name; Declara)

Governing law

North Carolina General Statutes Chapters 47F (Planned Community Act) and 55A (Nonprofit Corporation Act) (Articles of Incorporation, opening parag)

Assessments & dues

Not fixed; set annually by Board at least 20 days before January 1, with notice to Owners at least 10 days before. (Bylaws, Article VII, Section 2(c); Decla)

Special assessments

Special Assessments for capital improvements and Special Individual Assessments are authorized; process not fully detailed (but borrowing requires 80% membership and 2/3 of each class). (Declaration, Article V, Section 1; Artic)

Collections & liens

Assessments are a continuing lien on each lot and a personal obligation of the owner. Enforcement may include lien as per NC Planned Community Act §47F-3-116. (Declaration, Article V, Section 1)

Reserves & fees

Board may establish and maintain a reserve fund for periodic maintenance, repair, and replacement of Common Area improvements. (Bylaws, Article VII, Section 2(i))

Leasing & rentals

Yes, but lease must be for at least 6 months, in writing, and include provision binding tenant to Declaration. Owner must provide copy of lease to Association. (Declaration, Article III, Section 3)

Architectural approval

Yes, Architectural Control Committee and Architectural Design Guidelines are referenced; approval required for improvements. (Declaration, Article I, Sections 5 and 6)

Signs & flags

Not specifically addressed but architectural control may cover signs.

Insurance

Board shall procure and maintain adequate liability insurance covering Association (minimum $1,000,000) and adequate hazard insurance on real and personal property owned by Association. (Bylaws, Article VII, Section 2(e))

Use restrictions

Not explicitly stated; the community is residential ('residential community' in preamble). (Declaration, preamble: 'developing into )

Voting & meetings

Three classes: Class A (lot owners except Declarant and Approved Builders) – 1 vote per lot; Class B (Declarant) – 3 votes per lot while Class B exists; Class C (Approved Builders) – 3 votes per lot while Class B exists. Vacant/leased lots (Declaration, Article III, Section 2; Byl)

Amendments

Articles: assent of Members entitled to at least 80% of votes of entire membership. Bylaws: may be amended by majority of Board or 2/3 vote of Members at a meeting. Declaration: requires Declarant's written consent while Declarant owns any (Articles of Incorporation, Article IX; B)

Amenities

Common Area includes stormwater drainage facilities, water/sewer lines. No specific recreational amenities (pool, clubhouse, etc.) mentioned in provided text. (Declaration, Article I, Section 12)

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