Seacrest Villas Condominium

What Seacrest Villas Condominium's governing documents say

Seacrest Villas is a 4-unit condominium in Wrightsville Beach, NC — you own your unit and an undivided 1/4 interest in the common elements. The association maintains common areas and carries master insurance, funded by assessments on each unit.

• What you own & maintain: You own your unit (1,184 sq ft, 7 rooms) and a 1/4 undivided interest in common elements. You are responsible for all maintenance and repairs inside your unit, including structural items. The association maintains common elements (roofs, foundations, land, utilities, etc.) as a common expense.
• Leasing & rentals: You may rent your entire unit, but no single rooms may be rented. Leases must be for the entire unit. No minimum lease term is stated in this document.
• Use restrictions: Units may be used only as residences by a family. No unit may be subdivided. No use that is a source of annoyance or interferes with peaceful possession is allowed. All valid laws and zoning must be observed.
• Assessments & fees: The Board of Managers sets annual common charges based on a budget. Unpaid assessments accrue interest at the legal rate and create a lien on the unit, enforceable by foreclosure. A seller is not liable for charges after closing; a purchaser is liable for pre-closing charges except in foreclosure.
• Alterations & improvements: No structural addition, alteration, or improvement may be made without prior written consent of the Board of Managers. The Board must respond within 30 days; failure to respond constitutes consent. Additions to common elements costing over $500 require unit owner approval.
• Insurance & damage: The association must insure the building at 100% replacement cost for fire, flood, and other hazards, plus liability insurance. Proceeds are held by the Board as trustee. If the building is more than 3/4 destroyed and all owners resolve not to rebuild, the property is owned as tenants in common and may be partitioned.
• Governance & voting: The association is managed by a Board of Managers (initially the declarants, then one representative per unit owner). Each unit has one vote. A quorum requires 75% of votes. Amendments to the Declaration require a majority of unit owners.
• What this document doesn't cover: This document does not specify pet rules, parking, age restrictions, or rental lease minimums. It also does not include the initial Rules and Regulations referenced in the text.

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.