112 Market St. Condominiums P.O.A., Inc.
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What 112 Market St. Condominiums P.O.A., Inc.'s governing documents say
112 Market St. Condominiums is a small condominium community in Wilmington, NC, with two residential/commercial units. This document is the full declaration and bylaws that govern the property, binding all unit owners and the association.
- What you own & maintain: You own your unit's interior; the association maintains the common elements (exterior, common areas). Party walls and flooring between units are common elements. Decks, porches, and exterior doors/windows serving only your unit are limited common elements you maintain.
- Assessments & fees: Annual and special assessments are levied per unit based on square footage. Unpaid assessments become a lien after 30 days, accrue interest up to 18% per year, and the association can foreclose or sue. Special assessments for capital improvements require a majority vote.
- Use restrictions: Units may be used for residential purposes or commercial uses allowed by city zoning. No noxious activities, alcohol sales, or nuisances. No outside antennas or signs without board approval. No unit may be subdivided except as provided.
- Pets: Household pets (dogs, cats) are allowed but not for commercial purposes. Pets must be leashed outside units. No reptiles or other animals are permitted.
- Architectural review: Any exterior change, addition, or new structure requires written approval from the Executive Board. Changing the building's exterior color requires unanimous owner approval.
- Leasing & rentals: Owners may lease their units, but the declaration does not specify a minimum lease term or other rental restrictions beyond general use rules.
- Party walls: Walls and flooring between units are common elements. Repair costs for party walls are shared proportionally by the owners who use them. Negligent damage is the responsible owner's cost.
Key facts from 112 Market St. Condominiums P.O.A., Inc.'s documents
- Community type
- Condominium (Declaration, WHEREAS and Part I Section )
- Units / lots
- 2 (Unit 1-A and Unit 1-B) (Article I Section 4)
- Governing law
- North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Part I Section 1)
- Assessments & dues
- Annual assessments levied by Association to promote recreation, health, safety, welfare of residents and for maintenance of common elements; special assessments for capital improvements require majority member approval (Declaration Article III Section 3; Bylaw)
- Special assessments
- May be levied for capital improvements with assent of majority of members (Declaration Article III Section 3)
- Collections & liens
- Unpaid assessment after 30 days constitutes a lien on the unit when filed of record; Association may foreclose or bring action at law; fees and attorneys' fees are enforceable as assessments (Declaration Article III Section 1)
- Pets
- Yes, dogs, cats or other household pets allowed, but not kept for commercial purposes; no reptiles (Article VII Section 3)
- Fences
- No fence may be commenced, erected or maintained without prior written approval of Executive Board (Article VI)
- Architectural approval
- Yes, Executive Board serves as architectural committee; plans and specifications must be submitted and approved in writing before any building, fence, wall, or other structure or improvement, or exterior change (Article VI)
- Home business
- Commercial use permitted only as allowed by zoning; no express home business restrictions (Article VII Section 1)
- Signs & flags
- No signs permitted unless approved by Declarant or Board of Directors or its designee (Article VII Section 5)
- Maintenance
- Association provides maintenance for common elements only; each owner responsible for interior maintenance, including paint, repair, replace ceilings; if damage caused by owner/guest, cost becomes part of assessment (Article V Section 1-2)
- Insurance
- Board may procure hazard, liability, flood and other insurance deemed necessary and equitably assess owners for prorata share of expense (Bylaws Article IV Section 1(e); Section )
- Use restrictions
- Units used for residential and/or commercial purposes as permitted by City of Wilmington zoning ordinance; no other use without Executive Board written approval (Article VII Section 1)
- Voting & meetings
- Each owner entitled to vote based on percentage of square footage as set forth in Exhibit C (Bylaws Article I Section 6; Declaration )
- Amendments
- During first 20 years, amendment requires instrument signed by 100% of unit owners and recorded; after 20 years, automatically extended for successive 10-year periods; amendment may be done at that time? (Only 100% rule mentioned for first (Article IX Section 5)
About this HOA
112 Market St. Condominiums P.O.A., Inc. is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for 112 Market St. Condominiums P.O.A., Inc.: 1 recorded document. Last updated 2026-07-11.