The following By-Laws have been adopted to govern the affairs of the project described in the master deed of the owners. The form also contains defintions of the words and terms used in the document.
North Carolina Bylaws of Condominium
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Multi-State
Control #:
US-AR-B1039
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Word;
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FAQ
Both the NC Planned Community Act (NCGS § 47F-3-108(a)) and the NC Condominium Act (NCGS A§ 47C-3-108(a)) require that a meeting of the association be held at least once each year. These two statutes apply retroactively to older associations. 6.
To sum up, the rights of a condominium unit owner are the following: Right of absolute ownership over his unit. Right of exclusive easement of the space of his unit. Right to repair, paint, decorate the interior of his unit.
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.
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.
The Philippine Condominium Act allows foreigners to own condo units, as long as 60% of the building is owned by Filipinos. If you want to buy a house, consider a long-term lease agreement with a Filipino landowner.
A condominium is inside a residential building or community but the unit is privately managed by the individual or landlord of the property. This landlord has no say in the functioning of the larger building or even the plot of land in which his/her property is built upon.
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).
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.
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.
All lot owners' associations in North Carolina must be incorporated. Every association created after January 1, 1999, must be organized as a nonprofit corporation § 47F-3-101. Condominium associations may organize as either for-profit or nonprofit corporations A§ 47C-3-101.
