Spencer-Farlow

What Spencer-Farlow's governing documents say

Spencer-Farlow is a two-unit condominium in Carolina Beach, NC. You own your unit and an undivided one-half interest in the common elements. The association (202 Spencer-Farlow Drive Homeowner's Association) manages the property, and the declaration and by-laws bind all owners, occupants, and guests.

• What you own & maintain: Each unit is a three-story, 1,564 sq. ft. residence. You own the interior of your unit; the exterior walls, roof, pilings, decks, porches, patios, and structural members are common elements. Decks, porches, patios, and exterior doors/windows serving only your unit are limited common elements allocated to you. The party wall between units is a common element, and repair costs are shared proportionally.
• Use restrictions: Units may only be used as a residence by a family, its servants, and guests. No unit may be divided or subdivided. No single rooms may be rented. No use may annoy residents or create a fire hazard.
• Leasing & rentals: The declaration does not specify a minimum lease term or restrict the number of rentals, but no single rooms may be rented. All leases are subject to the declaration and by-laws.
• Architectural review: No exterior changes or new structures may be made without written approval from the Board. Changing the exterior color of a unit requires unanimous approval of all unit owners.
• Party walls: The wall between units is a party wall and a common element. Repair costs are shared proportionally by the owners who use it. Negligent or willful damage is the sole cost of the responsible owner. Disputes are settled by arbitration.
• Assessments & liens: The Board may levy assessments against unit owners. Unpaid assessments create a lien in favor of the association, subordinate to first mortgages or deeds of trust.
• Taxes: Each unit and its undivided interest in common elements are separately assessed and taxed. Each owner is liable only for their own unit's taxes.
• What this document doesn't cover: This document does not specify pet rules, parking, age restrictions, rental caps, or specific fee amounts. It is the declaration and by-laws; separate rules and regulations may be adopted by the Board.

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.