Waterford Village Condominium

What Waterford Village Condominium's governing documents say

Waterford Village Condominium is a small condominium community in Raleigh, NC, with a single building of 10 units. This declaration establishes the condominium regime, defining what unit owners own, how common areas are managed, and the rules that bind all owners, tenants, and occupants.

• What you own & maintain: You own the interior space of your unit, including interior walls, floors, ceilings, windows, doors, and attached decks/porches. The association maintains the exterior and common areas, and you are responsible for maintaining your unit and any limited common areas assigned to you (like patios and outside HVAC equipment).
• Common areas & facilities: Common areas include the land, structural elements, roofs, exterior walls, and shared installations like utilities and laundry facilities. Each owner has an undivided interest in these areas and a right to use them for their intended purposes, subject to association rules.
• Assessments & fees: Each owner pays a share of common expenses (maintenance, insurance, administration) in proportion to their percentage interest in the common areas, as set out in the declaration. The association can levy and collect these assessments.
• Leasing & rentals: The declaration does not impose a minimum lease term or restrict leasing, but all leases are subject to the declaration, bylaws, and rules. The association has a right of first refusal when an owner sells a unit, but this does not apply to rentals.
• Pets: No animals, livestock, or poultry may be kept in units or common areas, except that the board may adopt rules allowing usual household pets (like dogs or cats) if they don't disturb other owners.
• Use & restrictions: Units must be used for single-family residence purposes only. Home offices are allowed if they comply with city ordinances and don't disturb neighbors. No signs, obstructions, or storage in common areas without board approval, and no activities that create a nuisance or increase insurance rates.
• Insurance: The association must maintain master fire and liability insurance on the building and common areas, with minimum liability limits of $250,000/$1,000,000 for bodily injury and $25,000 for property damage. Owners may purchase their own additional coverage.
• What this document doesn't cover: This excerpt does not include specific rules on parking assignments, rental restrictions, or pet limits beyond the general pet policy. It also doesn't specify the exact amount of assessments or provide details on the association's bylaws, which are attached as exhibits but not fully included here.

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.