Villa De Leon Condominium Owners

What Villa De Leon Condominium Owners's governing documents say

This is not a full set of condominium rules. It is an ancillary 'Declaration of Covenant' that imposes a 1% reconveyance (transfer) fee on any sale or transfer of a unit in the Villa De Leon Condominium. The document creates a lien on the property for unpaid fees and appoints a trustee to collect and administer the fee. Standard condominium rules (e.g., pets, leasing, maintenance) are not included here.

• Reconveyance fee (transfer fee): A fee equal to 1% of the gross sales price or consideration paid is due from the seller (Grantor) upon every conveyance of a real property interest. The fee runs with the land and binds all future owners.
• Who administers the fee: The trustee (Covenant Clearinghouse, LLC, or successor) collects and disburses the fee, issues estoppel certificates, and has authority to enforce the lien. Beneficiaries (named entities and individuals) hold beneficial interests in the fee.
• Exemptions from the fee: The fee does not apply to conveyances: (a) to a lender via mortgage or deed of trust; (b) by foreclosure or deed in lieu; (c) to a governmental entity or 501(c)(3) organization; (d) by a grantor with a controlling interest in the property; (e) between spouses or family members; or (f) occurring before January 1, 2012. Other exemptions require a sworn affidavit filed in the public records.
• Lien and foreclosure rights: If the reconveyance fee is unpaid, it becomes a lien on the property, subordinate to a first mortgage. The trustee may foreclose judicially or non-judicially (where allowed). The trustee can also sue the owner personally for collection.
• Term and duration: The declaration became binding on the property upon recording and expires at midnight GMT on December 31, 2110. However, the Declarant (Villa de Leon, Ltd.) has a right to terminate the declaration by recording a written termination under certain conditions.
• What this document doesn't cover: This document does not contain any condominium use restrictions (e.g., pet limits, lease terms, noise, parking), maintenance obligations, assessment rules, or architectural guidelines. Those would be found in the actual condominium declaration or bylaws for Villa De Leon.

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.