Who is declarant

The common element of all of these mechanisms is that, with sufficient research, one can determine the holder or holders of the declarant rights by researching and analyzing the public records. Therefore, provided that you are willing to do the research, or retain legal counsel to do that research for you, you can identify the Declarant or Declarants of a North Carolina planned community or condominium.

Because declarant rights can be transferred in whole or in part, there may be more than one Declarant of a planned community or condominium at any given time. The division of declarant rights works cleanly when the rights transferred relate to specific parcels of real property, either property already included in the planned community or condominium, or development property subject to a Declarant's right to incorporate the property into the planned community or condominium at a later time.

It is more difficult to divide control-oriented declarant rights. For example, it creates a practical problem to have more than one Declarant authorized to appoint members to the board of directors of the owners association.

Another area where there may be multiple Declarants is in master communities that include condominiums or other sub-communities. In such projects, which may include residential, commercial, or mixed use arrangements, there are often different Declarants from the beginning, one for the master community and others for each of the sub-communities.

It is important to evaluate the status of the Declarant for each community and condominium regime that impacts the property in which you are interested. Owners, buyers, owners associations, and lenders should carefully consider any scenarios that include, or may include, multiple Declarants, not only to identify the Declarants for a particular project and the extent of each of their rights, but also with an eye toward identifying any problems that may arise out of competing interests in similar declarant rights.

A Declarant's authority ends when all of the declarant rights for that particular Declarant expire or terminate. There are some limited statutory provisions that require the expiration of certain specific declarant rights, but otherwise, the declarant rights will endure until they either expire by their own terms or are voluntarily terminated by the Declarant.

In a North Carolina condominium, the Declaration must describe a time period after which the declarant rights must terminate, but for most rights, there is no limit on the allowable length of that time period.

No such requirement is imposed on planned communities in North Carolina, and we often find declarant rights for planned communities that have no specific expiration date. The survival of declarant rights after the time period that a Declarant is actually exercising those rights is a problem for all concerned. Those rights carry potential liability for the Declarant, which makes them an undesirable asset after the Declarant no longer has a use for them. It is also awkward for owners and owners associations to function and flourish when stale declarant rights remain.

Although a Declaration may provide that some or all of the declarant rights expire upon the Declarant's sale of the last lot, they often do not. Image credits. Word of the Day have a heart of gold. Blog Outsets and onsets! Read More. November 08, To top. Business Examples. Sign up for free and get access to exclusive content:. Free word lists and quizzes from Cambridge. Tools to create your own word lists and quizzes. Word lists shared by our community of dictionary fans.

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