Greenspoint Prosper Residential Association, Inc.

What Greenspoint Prosper Residential Association, Inc.'s governing documents say

Greenspoint is a standard single-family home HOA in Prosper, TX. The rules bind all lot owners, who automatically become members of the association. The HOA maintains common properties (landscaping, streets, amenities) funded by annual assessments and special fees, and an Architectural Review Committee controls exterior changes.

• What you own & maintain: You own your lot and home; the association maintains common properties like landscaping, streets, and common lighting. The association may also maintain adjacent public parks if approved.
• Assessments & fees: Annual maintenance assessments are set by the board and cannot exceed $72 per month for standard lots before January 1, 2008 (may increase up to 25% without member vote). Special capital assessments require member approval. A one-time working capital contribution of $500 for standard lots or $1,000 for estate lots is due upon purchase from a non-builder owner. Late payment incurs 18% annual interest, $15 monthly late fee, and $25 returned-check fee.
• Transfer fees & certificates: Resale certificate: $340; statement of account: $50; refinance certificate: $50; management company transfer fee: $250; covenant inspection fee: $125; working capital contribution: $500/$1,000.
• Architectural review: All exterior alterations, additions, or improvements must be approved by the Architectural Control Committee (ACC) before construction.
• Common property rights & restrictions: Owners and residents have a non-exclusive easement to use common properties. The association can suspend use rights for up to 60 days for rule infractions or indefinitely for unpaid assessments. Common properties may be altered or dedicated by the association with member approval or by the declarant before conversion.
• What this document doesn't cover: This excerpt does not include rules on leasing (minimum terms, caps), pets, parking, or age restrictions. It is a partial subset of the full governing documents; consult the complete declaration, bylaws, and supplemental policies for comprehensive 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.