C. Condominiums
i. Purpose & Intent . The Town of Fuquay-Varina has an interest to provide additional types and methods to promote and encourage home ownership. Condominium developments are one method whereby homeownership is promoted and encouraged. ii. General Requirements . Prior to the sale of any condominium unit, a “Declaration” establishing unit ownership must be approved by the Fuquay - Varina Planning Director and recorded with the Wake County Register of Deeds. This declaration shall be based on the North Carolina General Statutes, Chapters 47-A and 47-C. This declaration shall address the covenants, restrictions, and by-laws that will govern the common areas and open space.
iii. Setback . The minimum front yard setback from a public or private street or parking lot is 30 feet.
iv. Declaration . The declaration shall include minimum standards as follows:
1. Common Access. A description of the proportionate interest for each unit owner, unit designation, unit location, number of rooms and common areas to which unit owners/residents has access.
2. Common Area. A description of the general common areas and facilities, as defined by the North Carolina General Statutes, Chapters 47-A and 47-C.
3. Metes & Bounds . A metes and bounds lines between structures and descriptions of all garages, balconies, and patios.
4. Establishment of the Homeowners’ Association. Declaration establishing the homeowners’ association.
v. Homeowners’ Associations
1. Establishment . Prior to the sale of any units, the homeowners’ association shall be legally established. Membership in the homeowners’ association is mandatory for all unit owners and all successive unit owners.
2. Taxes Responsibility of Homeowners’ Association . Payment of all taxes (County and Town) on common areas, provision of liability insurance,
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