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Old 03-21-2009, 01:13 PM
 
25 posts, read 99,686 times
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I am looking at duplex/condos in Carolina and Kure Beach for purchase. I have some question about how the condo association works in this situation. Are there general rules that apply here in in NC or is each duplex truly a unique agreement? Is there a web site that might have some information on this?

I have a lot of questions but, I am most interested in what happen in the event the duplex is seriously damaged or destroyed in a fire or hurricane. I assume the master insurance pays for the structure to the HOA, but then what? Do the two owners work together to build a new home? This is hard as an individual, I can't imagine how difficult it would be to get the two owners to agree.
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Old 03-24-2009, 12:39 PM
 
Location: wilmington
70 posts, read 161,846 times
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If you are looking at mls info doesn't it give you the associations info? You should call each one and ask. Even better would be to knock on the doors and ask residents if they are happy. Or list the condos on here and ask for specific feedback. Aren't you using a realtor? If you use one as your buyer's agent they would be very objective for you and get those answers for you. I've lived here a very long time. Not many hurricane problems lately. The Weather Channel gets a little overly dramatic.
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Old 03-24-2009, 06:58 PM
 
214 posts, read 736,459 times
Reputation: 128
Quote:
Originally Posted by jeffffd View Post
I am looking at duplex/condos in Carolina and Kure Beach for purchase. I have some question about how the condo association works in this situation. Are there general rules that apply here in in NC or is each duplex truly a unique agreement? Is there a web site that might have some information on this?

I have a lot of questions but, I am most interested in what happen in the event the duplex is seriously damaged or destroyed in a fire or hurricane. I assume the master insurance pays for the structure to the HOA, but then what? Do the two owners work together to build a new home? This is hard as an individual, I can't imagine how difficult it would be to get the two owners to agree.
Very interesting question. Each HOA is a separate entity for each community, with general guidelines set forth by the State of NC.
Your HOA master insurance plan should set forth the cost to rebuild, or replacement value, should something happen to the exterior. You and the other owners would not be involved in the rebuilding discussion, it would be determined by the insurance company and the policy carried by the HOA.
For example, my townhome is attached to three others. Together the replacement value is well over $1M for all four units. I feel comfortable knowing the replacement value is actually higher than the current market value.
As a homeowner in a HOA community, it will be your responsibility to insure the interior.
If you are not working with a Buyer Agent to represent you, I would highly recommend doing so, possible interview a couple until you find one you really like. It will be their responsibility to assist you with your questions on HOA dues, covenants, taxes, etc., and to look after your best interest and investment. There are a few Realtors on this forum, so feel free to DM us if you have additional questions.
Great NEWS the Beach Plan Insurance rate hike has now been stayed. It was determined that former Commissioner Long, overstepped his boundaries and did not follow protocol. I am anticipating seeing a more equal distribution of costs across the state, and other very positive changes that will not be so politically lop sided.
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