What is the purpose of the North Carolina Condominium Act?

The purpose of the North Carolina Condominium Act is to regulate the management of condominiums. It establishes a legal framework that governs the rights and responsibilities of condominium owners, as well as the administration of the condominium associations that oversee common areas and shared services. This regulation ensures that there are clear guidelines regarding the operation and management of condominium properties, which includes provisions related to the governance, maintenance, financial management, and dispute resolution within condominium communities.

The Act does not focus on facilitating the sale of specific types of residential properties like townhomes, establishing pricing guidelines, or providing tax incentives. Instead, its primary goal is to create a structured environment for the management of condominium living, ensuring that owners have a clear understanding of their rights and responsibilities, as well as the governance of their community.