North Carolina Rules and Regulations for a Condominium Association
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How to fill out Rules And Regulations For A Condominium Association?
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Association Records and Member Inspection Rights. Under the North Carolina PCA, an HOA must maintain and preserve its "financial and other records," including all board and member meetings. An association's bylaws should identify and describe the minimum records that the association must maintain.
HOA or condo associations with annual revenues or expenditures or total accounts balances of $150,000 or more would be required to have an annual independent financial audit conducted by a Certified Public Accountant (CPA).
Understand the law. Subdivisions with homeowners' associations established after Jan. 1, 1999, are governed by the North Carolina Planned Community Act found in Chapter 47F of the North Carolina General Statutes. However, no state or federal agency oversees homeowners' associations.
We were recently asked whether bylaws amendments should be filed with the local Register of Deeds. The answer, like many things community association related, depends. Condo bylaws in North Carolina are almost always filed with the Register of Deeds, but not HOA bylaws.
Call (919) 431-3030 or toll-free at (866) 324-7474 to file a complaint.
The North Carolina Planned Community Act (PCA), N.C.G.S. , Chapter 47F, governs the formation, management, powers, and operation of HOAs, is North Carolina's law specifically governing homeowners' associations in the state.
For example, in North Carolina, an HOA dissolution requires 80% of the membership as set by the state's General Assembly if the association was formed after 1999, but if it was chartered before that year, only 67% of homeowners are required to pass the termination vote.