Assessments for common expense
- Statute:
- North Carolina §47C-3-115 · Chapter 47C (North Carolina Condominium Act)
- Topic:
- Assessments · How assessments are levied
- Applies to:
- Condo associations
Until the association levies an assessment, the declarant pays all common expenses. After that, assessments must be made at least annually, in the declaration's allocated shares. Past-due assessments bear interest at a rate the association sets, not exceeding 18 percent per year. Limited-common, fewer-than-all, insurance-by-risk, utility-by-usage, judgment, and owner-misconduct assessments follow subsections (c)–(e).
📄 Read the official text at ncleg.gov →
How SoShiny helps with Assessments for common expense
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does North Carolina §47C-3-115 require?
- Until the association levies an assessment, the declarant pays all common expenses. After that, assessments must be made at least annually, in the declaration's allocated shares. Past-due assessments bear interest at a rate the association sets, not exceeding 18 percent per year.
- Who does North Carolina §47C-3-115 apply to?
- North Carolina §47C-3-115 applies to Condo associations in North Carolina.
- What happens if our condo doesn't comply with §47C-3-115?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for North Carolina community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of North Carolina §47C-3-115?
- The official text is published by the North Carolina General Assembly at ncleg.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Assessments for common expense?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of North Carolina §47C-3-115 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a North Carolina-licensed attorney. For the official statutory text, see the link above.
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