The Royal Sands at Carolina Beach Condominiums

What The Royal Sands at Carolina Beach Condominiums's governing documents say

This is a co-ownership agreement for a single condominium unit (Unit 1-A) within The Royal Sands at Carolina Beach Condominiums in Wilmington, NC. It governs the relationship between two individuals who each own a 50% interest in the unit and share its use on alternating weeks. The document is not the full condominium declaration; it is a supplemental agreement that applies only to this specific unit and its co-owners.

• What you own & maintain: Each co-owner owns an undivided one-half interest in the unit. The unit is part of a larger condominium development, and the co-owners are jointly responsible for paying all unit expenses, including taxes, insurance, repairs, furnishings, and the condominium association's assessments.
• Use & scheduling: Each co-owner has the right to use the unit for one-half of the year in alternating weekly increments. Weeks run Saturday noon to the following Saturday 11:59 AM. The initial schedule is set by the declarants, and they may swap weeks by agreement, but the rotation does not change.
• Leasing & rentals: Neither co-owner may rent or lease their time in the unit without the written permission of the other co-owner. The unit cannot be part of any rental pool or similar program.
• Pets: No animals of any kind are allowed in the unit, including small dogs, cats, or other household pets.
• Right of first refusal: If a co-owner wants to sell their interest, they must first offer it to the other co-owner(s) for at least 90 days. If no agreement on price is reached, appraisers determine fair market value. If the interest is not purchased within 120 days, the entire unit must be listed for sale and proceeds split evenly.
• Assessments & fees: Each co-owner must pay one-half of all condominium association dues and one-half of all loan-related charges. There is no maximum annual assessment. Late payments incur 18% annual interest and a $20 late fee. Nonpayment can result in loss of use rights and legal action.
• Decision-making & disputes: All decisions about the unit and its use require unanimous agreement of the co-owners. If no agreement can be reached, the dispute goes to arbitration under North Carolina law.
• What this document doesn't cover: This document does not contain the full rules of the condominium association (e.g., parking, noise, architectural review, common area use). Those rules are in the master condominium declaration and association bylaws, which are not included here.

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.