Falls Village Townhome Owners Association Inc

What Falls Village Townhome Owners Association Inc's governing documents say

Falls Village Townhome Owners Association is a townhome community in Raleigh, NC, governed by a declaration of covenants, conditions, easements, and restrictions. This document is the full rulebook for the community, binding all lot owners and the association. It covers property rights, architectural standards, assessments, party walls, easements, and insurance.

• What you own & maintain: You own your townhome lot and dwelling unit, and share rights to common properties (private streets, stormwater devices, open space) maintained by the association. Party walls between units are shared, with repair costs split proportionally.
• Architectural standards: Each dwelling must have at least 2,100 sq ft of heated space, an attached two-car garage (not convertible to living space), and exterior walls at least 40% brick or hardiplank. Only single-family residential use is allowed, with no business activity except permitted home offices.
• Assessments & fees: The association levies annual and special assessments for common expenses, including stormwater maintenance. Initial max annual assessment was $2,500 per unit (2005); later increases are capped at 10% or CPI-U unless rejected by 90% of lot owners. Unpaid assessments become liens after 30 days, with interest up to 18%.
• Parking & vehicles: No boats, trailers, RVs, or large vehicles may be parked on streets or visible from streets or other lots; they must be stored in garages or screened enclosures. Cars parked on streets must be moved within 24 hours.
• Signs & exterior appurtenances: Signs are limited: small identification signs, political signs up to 9 sq ft, one for-sale/for-rent sign per street, and temporary construction signs (max 21 days/year). No outside clotheslines, window AC units visible from streets, or antennas except one small dish (max 24 inches) attached to the unit and not street-visible.
• Party walls: Owners sharing a party wall must share repair and maintenance costs proportionally. If one owner damages the wall, they bear the cost. Owners may enter adjoining lots for repairs and must restore conditions.
• Insurance & common expenses: The association must carry public liability insurance (at least $1M), property insurance on common areas (at least 80% replacement cost), and fidelity bonds. Premiums are common expenses paid via assessments.
• What this document doesn't cover: This excerpt does not include rental restrictions, pet rules, age restrictions, or specific architectural review procedures. Those may be in the bylaws or separate rules.

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.