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North Carolina Ch. 47C
North Carolina Condominium Act (N.C. Gen. Stat. Chapter 47C)Governs condominiums in North Carolina created on or after October 1, 1986, with selected provisions reaching earlier condominiums (N.C. Gen. Stat. §§ 47C-1-101 et seq.). The Act is based on the Uniform Condominium Act and parallels the Planned Community Act on assessments, the claim of lien for unpaid assessments and its enforcement by power-of-sale (nonjudicial) foreclosure, and association records.Official source
§ 47C-3-115
Requires the declarant to pay common expenses until the first association assessment and at least annual assessments thereafter, sets the default allocation among units and the interest cap on past-due assessments, and addresses limited-common-element, judgment, and misconduct-based assessments and recalculation when liabilities are reallocated.
§ 47C-3-116
Creates the unit owners' association's claim of lien for unpaid assessments perfected by filing in the clerk of superior court, sets the notice and service requirements and lien priority, and authorizes the executive board to foreclose by nonjudicial power of sale (like a deed of trust under Article 2A of Chapter 45) once an assessment is 90 days or more unpaid. Judicial foreclosure is also permitted, and a lien securing only fines, fine interest, or fine-related fees may be enforced only by judicial foreclosure.
§ 47C-3-118
Requires the association to keep financial records and make financial and other records, including meeting records, reasonably available to unit owners; to furnish a statement of unpaid assessments within 10 business days subject to a fee cap; and limits payments to officers, board members, and their associates.
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