Village on Preston V
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What Village on Preston V's governing documents say
This is an amendment to the Condominium Declaration for Village on Preston V Condominiums (Plano, TX). It establishes a Master Association to manage this project and several related condominium projects, and it delegates many powers (assessments, enforcement, insurance) to that Master Association. The amendment modifies assessment procedures, late fees, lien rights, and adds provisions for special assessments and budget caps. Because it is only an amendment, it does not contain the full set of community rules.
- Master Association & Related Projects: A Master Association (Preston Village Master Association) is created to manage Village on Preston V and at least three related condominium projects (Preston Village II, Village on Preston VII, and Village on Preston XI). Common elements and expenses are shared among these projects, and the Master Association's board has authority over all of them.
- Assessments & fees: Common assessments are due monthly in advance on the 1st; a $25 late charge applies if not paid by the 15th. The annual budget cannot exceed 120% of the prior year's monthly assessment (except for 1992). Special assessments may be levied by the Master Association for capital improvements or emergency repairs, requiring a 51% vote of owners and first mortgagees.
- Liens & Foreclosure: Unpaid assessments (including late charges, 10% interest, and attorneys' fees) become a lien on the unit, superior to all other liens except taxes and prior recorded mortgages. The Master Association has a power of sale and may foreclose, bid at the sale, and seek a receiver to collect rent during foreclosure.
- What this document doesn't cover: This amendment does not contain the full declaration or bylaws. It omits many typical rules such as occupancy restrictions, pet limits, leasing minimums, architectural review standards, use of units, and age restrictions. Those would be found in the original declaration or other governing documents.
Key facts from Village on Preston V's documents
- Community type
- Condominium (Village on Preston V) (Page 1, title)
- Legal name
- Village on Preston V Association, Inc. (the 'Association') (Page 2, amendment to subparagraph 1.1f)
- Governing law
- Texas Property Code (referenced for power of sale in Section 51.602 and 51.002) (Page 11, line referencing Section 51.602)
- Assessments & dues
- Not set; determined annually by Board of Directors of Master Association based on budget. (Page 8, Paragraph 5.3 amendment (subpara)
- Special assessments
- Master Association may levy Special Assessment for capital improvements, contingencies, or to secure liability for breach; requires vote of a majority of Owners and Related Project Owners. May be billed monthly. (Page 3, Subparagraph 1.1u amendment; Pag)
- Collections & liens
- Unpaid assessments (including late charges, interest, attorneys' fees) constitute a lien on the Unit superior to all other liens except taxes and prior recorded purchase money mortgages. Master Association has power of sale under Texas Prop (Page 10-12, Paragraph 5.5(b) and (c) and)
- Reserves & fees
- Master Association shall establish a reserve for repair, maintenance and other charges as specified in the Declaration. (Page 7, Paragraph 5.2 amendment (last se)
- Architectural approval
- Prior written approval of Board of Directors of Master Association required for any alteration, modification, addition, or work upon Common Elements (Limited or General). No owner may perform such work without consent. (Page 4-5, Paragraph 3.6 amendment (item )
- Use restrictions
- Not explicitly defined in this amendment, but general compliance obligations imply no nuisances. (Page 5, Paragraph 3.11 (item 11) - Owner)
- Voting & meetings
- Special Assessments require vote of a majority of Owners and Related Project Owners (voting in person or by proxy) (Page 10, Paragraph 5.5, subparagraph (a))
- Amendments
- This amendment was approved by at least 51% of Owners and First Mortgagees as set forth in Subparagraph 8.1 of the Declaration. Amendment recorded in Condominium and Real Property Records of Collin County, Texas. (Page 1, WHEREAS clauses and Page 15, Cer)
Community amenities
1 pool
Related associations
Overlaps: Marquis at Preston Tulane Condominium Association, Inc. · Hills of Prestonwood South Homeowners Association, Inc. · Preston Village II Association, Inc. · Prestonwood West Courtyard Homeowners Association, Inc. · Preston Village I Association, Inc. · Preston One Office Condominium, Inc. · Preston Green Homeowners' Association · Preston Hutson · Central Park on Preston Crossing · Preston Road North Estates · Prestonwood West Lake · Preston Vineyards 4 HOA Frisco
About this HOA
Village on Preston V is a homeowners association in Plano, TX.
HOAproxy has 1 document on file for Village on Preston V: 1 amendment. Last updated 2026-06-18.
Governing documents
Nearby HOAs
- Marquis at Preston Tulane Condominium Association, Inc.
- Hills of Prestonwood South Homeowners Association, Inc.
- Preston Village II Association, Inc.
- Prestonwood West Courtyard Homeowners Association, Inc.
- Preston Village I Association, Inc.
- Preston One Office Condominium, Inc.
- Preston Green Homeowners' Association
- Preston Hutson