Savoy Condo

What Savoy Condo's governing documents say

The Savoy Condominiums is a 19-unit condominium building in Dallas County, Texas, established under the Texas Condominium Act. Unit owners own their individual apartments and share undivided interests in general and limited common elements. The Savoy Homeowners' Association manages and maintains common areas and enforces the rules.

• What you own & maintain: Each unit owner exclusively owns the interior of their apartment (walls, floors, ceilings, windows, doors) and an undivided percentage interest in general common elements (foundations, roofs, halls, utility systems, recreational areas, parking facilities) and limited common elements (balconies, storage closets, assigned parking spaces). The Association maintains common elements; owners are responsible for interior maintenance.
• Leasing & rentals: Owners may lease their apartments subject to the Bylaws. The Declaration states that each owner has the right to lease on any basis not inconsistent with the Bylaws. (The specific lease terms, such as minimum duration, are not included in the provided text.)
• Parking & vehicles: An underground parking garage is provided. Parking spaces are limited common elements assigned by number to specific units. One space is reserved as a general common element for the manager.
• Assessments & fees: Annual and special assessments are levied based on the percentage interest assigned to each unit (e.g., 6.2587% for units 101, 102, etc.). Assessments are due monthly in advance. Delinquencies accrue interest and can result in a lien on the unit. An initial working capital fund equal to two months' common expenses is collected at closing.
• Insurance: The Association carries a Master Policy covering fire, extended coverage, vandalism, malicious mischief, liability (minimum $1,000,000), and workers' compensation. The policy insures all buildings, improvements, common elements, and unit fixtures initially installed. Owners must obtain their own personal property and liability insurance (minimum $100,000).
• What this document doesn't cover: The provided text omits specific rules on pets, modifications, signs, and other restrictions listed in the Bylaws' table of contents (e.g., Articles 7.04–7.09). Rules on lease terms, age restrictions, and architectural review are also not fully included in this excerpt.

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.