Realtors and title companies often contact GB2 with questions from interested buyers or potential clients regarding Grandwoods Circle’s fee simple property development. These questions generally address deed restrictions, property standards, insurance requirements, and various matters of association governance. To help with these matters, GB2 suggests a general review of the association’s primary documents: the GB2 Articles of Incorporation, the Code of Regulations, and the Declaration of Covenants, Easements, Restrictions, and Assessment Lien.
Realtors and title companies should also note that Grandwoods Circle properties are not to be rented or leased to tenants and/or used as investment property. In addition to GB2’s governing documents, there are four informational items that are key to prospective property ownership on Grandwoods Circle:
- All property owners are required to pay annual assessments ($200), which are used for maintenance of the common areas and for some shared private property.
- As a fee simple housing development, property owners are responsible for full maintenance and repairs of their structural units, lots, and private parking areas.
- All exterior modifications to properties are subject to approval by GB2, according to provisions of the Declaration of CERAL.
- Property owners must fully comply with all provisions of the Declaration of CERAL.