Beasley Place Townhouses

What Beasley Place Townhouses's governing documents say

Beasley Place Townhouses is a townhome community in Wilmington, NC, governed by a homeowners association (HOA). Each owner holds fee simple title to a lot and townhouse unit, and shares ownership of common areas. The HOA maintains common elements, carries insurance, and levies assessments on all owners.

• What you own & maintain: You own your lot and townhouse unit. The HOA maintains common areas, streets, parking, drainage, landscaping, and exterior of buildings. Owners are responsible for interior items like personal property, furnishings, appliances, window treatments, floor coverings, wall coverings, ceiling fans, and wiring beyond basic electrical and three phone/television cable jacks.
• Assessments & fees: Annual assessments fund common area maintenance, insurance, and operations. Annual increases are capped at 5% without a membership vote; higher increases require 2/3 vote of each class. Special assessments for capital improvements also require 2/3 vote. A working capital contribution equal to two months' estimated assessment is due at purchase. Unpaid assessments accrue interest, become a lien, and may be foreclosed.
• Parking & vehicles: Each owner gets up to two assigned parking spaces near their unit. Use of unassigned spaces may result in fines collected like assessments.
• Insurance: The HOA must carry property and liability insurance (minimum $1,000,000 per occurrence) on common areas and buildings, excluding owner's interior items. Insurance premiums are levied as an additional assessment. Proceeds are used for repair or reconstruction.
• Membership & voting: Every lot owner is a member of the HOA with one vote per unit. The developer had Class B membership with three votes per unit, which converted to Class A by December 31, 2005.
• Use restrictions: The HOA may limit guests, suspend voting rights and recreational facility use for unpaid assessments (until paid) or for rule violations (up to 60 days). Owners may delegate common area use to family, tenants, or contract purchasers who reside on the property.
• Easements & access: The HOA has access for exterior maintenance. Utility, drainage, and encroachment easements exist. Emergency entry is allowed. Pedestrian and vehicular easements are reserved for owners, guests, and emergency services.

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.