Live Oak South Townhouses

What Live Oak South Townhouses's governing documents say

Live Oak South Townhouses is a condominium community in Wilmington, NC — you own your individual townhouse unit and share ownership of the common areas (land, foundations, roofs, parking, walkways) with other unit owners. The association maintains the common elements and carries master insurance, funded by monthly assessments based on your unit's percentage interest.

• What you own & maintain: You own the interior of your unit (walls, floors, ceilings, fixtures, windows, doors) and must maintain them at your expense. The association maintains the common areas (land, foundations, roofs, exterior walls, parking, walkways) and limited common areas (the front yard and walk to your unit).
• Leasing & rentals: The association has a right of first refusal on any sale or lease — you must first offer the unit to the association at the same price and terms as a bona fide offer. The association has 30 days to decide. Leases are subject to all condominium documents.
• Pets: No animals, livestock, or poultry may be kept except as permitted by association rules and regulations.
• Use restrictions: Units may only be used as private, single-family residences. No signs may be displayed without board approval. No noxious or offensive activities are allowed.
• Assessments & fees: Each unit owner pays a monthly assessment equal to their pro-rata share (Unit A: 33.94%, Unit B: 33.16%, Unit C: 32.90%) of estimated operating expenses, due on the first of the month. Late payments bear interest at the maximum legal rate.
• Insurance: The association carries master property insurance (fire, hazards, liability) at 100% replacement cost. You may insure your personal property and obtain additional coverage, but not in a way that reduces the association's insurance proceeds.
• Damage or destruction: If the building is more than two-thirds destroyed and two-thirds of unit owners vote not to rebuild, the property is owned as tenants in common and may be partitioned. Otherwise, the board must repair and restore using insurance proceeds.
• Transfer & mortgages: You may mortgage your unit without association approval for a first mortgage (notice required). Other transfers require association approval or are voidable. Inter-family transfers (spouse, parents, descendants) are exempt from the right of first refusal.

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.