Zzgolf Terrace

What Zzgolf Terrace's governing documents say

Golf Terrace is a condominium community in Pinehurst, NC, established in 1973 under North Carolina's Unit Ownership Act. You own your individual unit and share ownership of the common areas, which are maintained by the association. This declaration sets out the basic rules for ownership, use, and transfer of units.

• What you own & maintain: You own the interior of your unit, bounded by the interior surfaces of perimeter walls, ceiling, and floor. The association maintains common areas like land, roofs, exterior walls, walkways, and shared utilities.
• Use of units: All units must be used for residential purposes only.
• Assessments & taxes: Each unit is taxed separately. You must pay an annual assessment to the Declarant (up to 1.5% of the unit's taxable value, adjustable with inflation) for maintenance of roads, common areas, and services, plus a pro-rata share of common expenses.
• Leasing & rentals: You may lease or rent your unit, but must follow rules adopted by the Board of Administrators. The declaration does not set a minimum lease term.
• Selling your unit: Before selling, you must first offer the unit to the Board of Administrators at the same price and terms as the highest acceptable offer. The Board has 30 days to exercise this right of first refusal.
• Mortgages & liens: You can mortgage your unit without Board approval only if it's a first mortgage to a bank, life insurance company, or savings and loan. Other mortgages need written approval. Any unauthorized sale, lease, or mortgage is voidable.
• Insurance & damage: The Board must insure all buildings and common property for replacement value. If a building is damaged, it must be repaired or reconstructed using insurance proceeds; if not rebuilt, proceeds are distributed to unit owners.
• What this document doesn't cover: This excerpt does not include pet rules, age restrictions, or architectural review procedures. Those may be in the By-Laws 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.