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How do I start a 3 building commercial home owners

Customer Question
association?...
How do I start a 3 building commercial home owners association?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 2 hours by:
2/26/2016
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 9,028
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Welcome and thank you for using JA!

Can you tell me the State you would like start the Association in? If this is commercial property it would not be a homeowners association, this would be a commercial property owners association.

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Customer reply replied 2 years ago
the state is North Carolina
Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago

Thank you. Let put together the law for you.

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Real Estate Lawyer: Attyadvisor, Attorney replied 2 years ago

This link sets out the laws that govern associations in North Carolina

  • The Articles of Incorporation filed with the Secretary of State provide the legal basis of the association in the form of an Incorporated Non-Profit Corporation.
  • The recorded map or 'plat' defines each owner's title to property including the association's title to common areas.
  • The CCR's (Covenants, Conditions, and Restrictions) are publicly recorded deed restrictions.
  • The Bylaws are the rules for management and administration.
  • Resolutions are additional rules and regulations that the association may adopt.
  • Federal Laws also apply.
  • State Laws specific to common interest communities such as condominiums, cooperatives, and homeowner associations
  • Local Ordinances, while not specific to homeowner associations, apply to building codes, animal control, abandoned cars, water restrictions, etc.
  • Additional legal regulations can exist in the form of case law; standards set by professional organizations such as accountants, engineers, architects, home inspectors, and real estate brokers; as well as lender requirements.

http://www.hoa-usa.com/statelaws/nc.aspx

Below is the specific statutes that apply to professional,commercial, industrial use associations:

North Carolina Planned Community Act, Chapter 47F (applies to homeowners associations) Act: “Unit” means a part of the property intended for residential, professional, commercial, industrial or any type of independent use, including one or more rooms or enclosed spaces located on one or more floors in a building, and with a direct exit to a public street or highway or to a common area leading to a public street or highway. Each unit shall have appurtenant thereto a common interest as expressed in the declaration. Such interest shall be (I) in the approximate proportion that the fair value of the unit at the date of the declaration bears to the then aggregate fair value of all the units or (ii) in the approximate proportion that the floor area of the unit at the date of the declaration bears to the then aggregate floor area of all the units, but such proportion shall reflect the substantially exclusive advantages enjoyed by one or more but not all units in a part or parts of the common elements or (iii)the interest of each of the units shall be in equal percentages, one for each unit as of the date of filing the declaration, or in equal percentages within separate classifications of units as of the date of filing the declaration, or(iv) upon floor space, subject to the location of such space and the additional factors of relative value to other space in the condominium, the uniqueness of the unit, the availability of common elements for exclusive or shared use, and the overall dimensions of
the particular unit.

  • North Carolina State Laws
  • North Carolina Condominium Act, Chapter 47C (applies to condominiums created after 10/1/86) Real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of those portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the unit owners.
  • Unit Ownership Act (47A) (applies to condominiums created before 10/1/86) GS Ch. 47A https://homeownersassociations.wordpress.com/

This means that you would follow the same steps as you would for a homeowners association. You would be incorporate the Association and by preparing and filing articles of incorporation. You would set out a declaration establishing the Association.

This is a sample Declaration www.rankinpresslofts.com/.../Declaration.Condo.Rankin%20Press.doc

For commercial associations there would need to be governing documents that set out the specific rules with regard to the types of ownership interests, by laws, rules and regulations as well as electing of board members to run the associations as set out above.

Where in North Carolina is the Real property located so I can provide you with a link for local attorneys that provide free consultations?

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