Shops at Prestonwood

What Shops at Prestonwood's governing documents say

The Shops at Prestonwood is a townhome community (with Urban and Luxury townhome types) governed by a Declaration of Covenants, Conditions and Restrictions and several amendments. This document is a collection of amendments that impose certain one-time fees on new owners and detail maintenance responsibilities between the HOA and homeowners.

• Initial working capital contribution: New owners (not existing owners at the time of the amendments) must pay a one-time initial working capital contribution upon acquiring a completed residence. The amount was $1,000 per the Second Amendment and increased to $1,500 per the Fourth Amendment. This fee is due at transfer of title and goes into the association's reserve fund. It applies to subsequent resales and can be increased up to 10% per year by the Board.
• Insurance fee assessment: New owners who purchase a residence from a builder must pay a one-time, non-refundable Insurance Fee Assessment. Per the Third Amendment, the fee was $1,200 for Urban Townhomes and $1,500 for Luxury Townhomes. The Fourth Amendment increased these amounts to $1,700 and $2,000, respectively. This fee is in addition to regular assessments and is deposited into escrow then disbursed to the association.
• Maintenance responsibilities (HOA vs. owner): A maintenance responsibility chart divides upkeep of various components. The HOA handles roof decking/felt/shingles/gutters, exterior wall siding/stucco/brick (outermost materials and coatings), concrete driveways/sidewalks (structural aspects), retaining walls, street numbers, gutters/downspouts, irrigation systems, exterior light fixtures, surface water drainage, and common area items (pool, fencing, lighting, etc.). Owners are responsible for all other aspects, including roof-mounted attachments, wall cavities/insulation, interior components, windows/skylights (skylights not permitted), intrusion alarms, and items they install.
• What this document doesn't cover: These are amendments only; the full Declaration and prior amendments may contain additional rules on architectural review, leasing, pets, parking, and other common HOA restrictions not reproduced here. Check the original Declaration for comprehensive governing rules.

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.