State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_47F > GS_47F-1-103

§47F‑1‑103.  Definitions.

In the declaration and bylaws,unless specifically provided otherwise or the context otherwise requires, andin this Chapter:

(1)        Reserved.

(2)        "Allocatedinterests" means the common expense liability and votes in the associationallocated to each lot.

(3)        "Association"or "owners' association" means the association organized as allowedunder North Carolina law, including G.S. 47F‑3‑101.

(4)        "Commonelements" means any real estate within a planned community owned or leasedby the association, other than a lot.

(5)        "Commonexpenses" means expenditures made by or financial liabilities of theassociation, together with any allocations to reserves.

(6)        "Common expenseliability" means the liability for common expenses allocated to each lotas permitted by this Chapter, the declaration or otherwise by law.

(7)        "Condominium"means real estate, as defined and created under Chapter 47C [of the GeneralStatutes].

(8)        "Cooperative"means real estate owned by a corporation, trust, trustee, partnership, orunincorporated association, where the governing instruments of thatorganization provide that each of the organization's members, partners,stockholders, or beneficiaries is entitled to exclusive occupancy of adesignated portion of that real estate.

(9)        "Declarant"means any person or group of persons acting in concert who (i) as part of acommon promotional plan, offers to dispose of the person's or group's interestin a lot not previously disposed of, or (ii) reserves or succeeds to any specialdeclarant right.

(10)      "Declaration"means any instruments, however denominated, that create a planned community andany amendments to those instruments.

(11),     (12) Reserved.

(13)      "Executiveboard" means the body, regardless of name, designated in the declarationto act on behalf of the association.

(14),     (15) Reserved.

(16)      "Leaseholdplanned community" means a planned community in which all or a portion ofthe real estate is subject to a lease, the expiration or termination of whichwill terminate the planned community or reduce its size.

(17)      "Lessee"means the party entitled to present possession of a leased lot whether lessee,sublessee, or assignee.

(18)      "Limited commonelement" means a portion of the common elements allocated by thedeclaration or by operation of law for the exclusive use of one or more butfewer than all of the lots.

(19)      "Lot" meansa physical portion of the planned community designated for separate ownershipor occupancy by a lot owner.

(20)      "Lot owner"means a declarant or other person who owns a lot, or a lessee of a lot in aleasehold planned community whose lease expires simultaneously with any leasethe expiration or termination of which will remove the lot from the plannedcommunity, but does not include a person having an interest in a lot solely assecurity for an obligation.

(21)      "Masterassociation" means an organization described in G.S. 47F‑2‑120,whether or not it is also an association described in G.S. 47F‑3‑101.

(22)      "Person"means a natural person, corporation, business trust, estate, trust,partnership, association, joint venture, government, governmental subdivisionor agency, or other legal or commercial entity.

(23)      "Plannedcommunity" means real estate with respect to which any person, by virtueof that person's ownership of a lot, is expressly obligated by a declaration topay real property taxes, insurance premiums, or other expenses to maintain,improve, or benefit other lots or other real estate described in thedeclaration. For purposes of this act, neither a cooperative nor a condominiumis a planned community, but real estate comprising a condominium or cooperativemay be part of a planned community. "Ownership of a lot" does notinclude holding a leasehold interest of less that [than] 20 years in a lot, includingrenewal options.

(24)      "Purchaser"means any person, other than a declarant or a person in the business of sellingreal estate for the purchaser's own account, who by means of a voluntarytransfer acquires a legal or equitable interest in a lot, other than (i) aleasehold interest (including renewal options) of less than 20 years, or (ii)as security for an obligation.

(25)      "Realestate" means any leasehold or other estate or interest in, over, or underland, including structures, fixtures, and other improvements and interestswhich by custom, usage, or law pass with a conveyance of land though notdescribed in the contract of sale or instrument of conveyance. "Realestate" includes parcels with or without upper or lower boundaries, and spacesthat may be filled with air or water.

(26)      "Reasonableattorneys' fees" means attorneys' fees reasonably incurred without regardto any limitations on attorneys' fees which otherwise may be allowed by law.

(27)      Reserved.

(28)      "Specialdeclarant rights" means rights reserved for the benefit of a declarantincluding, without limitation, any right (i) to complete improvements indicatedon plats and plans filed with the declaration; (ii) to exercise any developmentright; (iii) to maintain sales offices, management offices, signs advertisingthe planned community, and models; (iv) to use easements through the commonelements for the purpose of making improvements within the planned community orwithin real estate which may be added to the planned community; (v) to make theplanned community part of a larger planned community or group of plannedcommunities; (vi) to make the planned community subject to a masterassociation; or (vii) to appoint or remove any officer or executive boardmember of the association or any master association during any period ofdeclarant control.

(29)      Reserved. (1998‑199,s. 1.)