Ascot Woods

Key facts from Ascot Woods's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Planned Community under North Carolina Planned Community Act (Third WHEREAS paragraph)

Developer / declarant

LGI Homes - NC, LLC, a North Carolina limited liability company (Opening paragraph after title)

Governing law

North Carolina Planned Community Act (N.C. Gen. Stat. Chap. 47F) (Section 1.1)

Assessments & dues

Set annually by Board based on adopted budget; not a fixed amount in this document. (Section 4.3)

Special assessments

May be levied for capital improvements or lawful purposes with assent of 2/3 of votes cast at meeting. Levied uniformly on all Lots. (Section 4.4)

Collections & liens

Assessment Lien may be filed as Claim of Lien; foreclosure permitted under §47F-3-116 of Act. Lien subordinate to first mortgage and prior recorded encumbrances. Association may bid at sale. (Sections 4.7, 4.8)

Reserves & fees

Two separate line items for Stormwater Facilities: Inspection and Maintenance Fund (general account) and Major Reconstruction Fund (separate account). Also general operating reserves may be set by Board. (Sections 4.12, 4.3(A))

Pets

Yes, reasonable number of cats, dogs, other household pets allowed; not bred or maintained for commercial purposes. (Section 5.12)

Leasing & rentals

Yes, but restrictions apply. (Section 5.11)

Parking & vehicles

Generally prohibited; exception for vehicles too large for driveway during daylight only. (Section 5.6)

Architectural approval

Yes, for all improvements, alterations, grading, exterior changes. Also for landscaping, fences, sheds, pools, antennas, etc. Declarant and Designated Builder exempt. (Section 5.22; also Sections 5.3, 5.9, 5.)

Home business

Permitted if in accordance with municipal ordinances and do not generate vehicle traffic above normal. (Section 5.1)

Signs & flags

One 'For Sale'/'For Rent' sign max 36"x24". Political signs max 10 sq ft, placed up to 60 days before election, removed within 2 days after. No signs on Common Area without ARC approval. Declarant/Builder may erect any signs. (Section 5.4)

Maintenance

Not explicitly allocated; likely owner responsibility per general maintenance clause. (Article VIII)

Use restrictions

All lots improved and used only for Single Family Residential Use. No commercial activity except home businesses per municipal ordinances and not generating extra traffic. (Section 5.1)

Voting & meetings

Class A members (owners other than Declarant/Designated Builders): 1 vote per Lot. Class B members (Declarant and Designated Builders): 4 votes per Lot owned. Joint owners must cast unit vote; fractional votes not allowed. (Sections 3.7, 3.8)

Amendments

Not fully detailed in provided text; Article 12 referenced but not included. Section 3.12 states that section cannot be amended without Declarant's written approval. Section 5.11 gives Declarant right to unilaterally remove leasing restrict (Sections 3.12, 5.11)

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