Waterford Square Owners Association Inc

What Waterford Square Owners Association Inc's governing documents say

This is an amendment to the Declaration of Covenants and Restrictions for Waterford Square Townhomes, a townhome community in Raleigh, NC. It updates the rules for all current and future owners, specifically adding a transfer fee when a home is sold.

• Transfer fee on sale: At the closing of any sale of a townhome, the purchaser must pay a transfer assessment equal to two months' worth of the current annual assessment. This is in addition to the regular annual assessment and is used for the association's general purposes.
• Who is exempt from the transfer fee: No transfer fee is charged when title passes to a co-owner, to the owner's estate, surviving spouse, or child upon death, to an entity wholly owned by the grantor or a family trust, or to a lender through foreclosure. However, if the entity later transfers ownership, the fee becomes due.
• What this document doesn't cover: This is only an amendment to the original declaration, so it does not contain the full set of community rules (e.g., pet restrictions, leasing rules, architectural guidelines). Those are in the original Declaration and other amendments.

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.