Stonegate Oak Park

What Stonegate Oak Park's governing documents say

Stonegate Oak Park is a townhome community (also called Stonegate Townhomes) governed by a homeowners association. This document is an amendment to the community's governing declaration, adding a one-time capital assessment on new owners and imposing specific rental restrictions.

• Capital assessment upon purchase: Whenever a lot is sold to a new owner, a one-time capital assessment equal to 100% of the annual assessment must be paid to the association at closing. This is in addition to the annual assessment and is used for operating expenses.
• Leasing & rentals: No more than 10% of lots may be leased to non-owner occupants at any time. Leases must have an initial term of at least 12 months (with a possible 90-day leaseback exception), cannot be subleased, and require association approval. Short-term rental listings (e.g., Airbnb, VRBO) are prohibited; residences must be used as the occupant's domicile.
• Lease requirements & owner obligations: Landlords must provide the association with tenant contact info and lease dates, deliver a copy of the declaration and rules to the tenant, and are liable for any enforcement expenses caused by the tenant. If the tenant violates rules, the association may evict the tenant if the owner fails to act.
• What this document doesn't cover: This is only an amendment adding a capital assessment and rental rules. The original declaration (not provided here) likely includes other important provisions such as maintenance responsibilities, general use restrictions, architectural standards, parking rules, and assessment details.

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.