The Palms Resort HOA Risk Assessment: Owner-friendly

02 The five questions

What the documents decide
before your first guest books.

Five dots is the best answer for an owner who wants to run the unit themselves. One dot is a red flag. Open “What the documents say” under each for the exact words.

Can you rent it your way?

Clear

Whether the deed and rules let you rent short-term on your own terms: no requirement to use the on-site program, no minimum stay that kills weekend bookings, and no rule against saying where the condo is.

The master deed expressly allows leasing/renting with no minimum stay, no registration, no advertising limits and no on-site-program requirement, and changing that clause requires a unanimous owner vote.

Short-term rentalsAllowed

Must use on-site programNo

Owner may rent it personallyYes

Off-site manager allowedYes

Owner-use limitsunstated (no owner-use cap found)

Registrationunstated - no rental registration, tenant registration or lease-filing requirement appears in the deed, by-laws or rules

Advertising rulesunstated - none found

Disclaimer in your listingNot required

Vote to change rental rulesMaster Deed (where the residential-use/renting clause lives): affirmative vote of ALL members owning a unit (unanimous) per Article XXVIII; By-Laws: two-thirds of the total value of the property (Art. 9(c)); Rules: adopted by the Board (Deed Art. XII, By-Laws 4(j)(iv))

What the documents say (7)

“"Residential" as used herein shall not be construed as prohibiting the leasing or renting of UNITS.”Master Deed, Article XIII, Residential Use Restriction, p. 6

“Except for the Commercial UNIT, its LIMITED COMMON ELEMENTS and easements, each UNIT is hereby restricted to residential use by the owner or owners thereof, their immediate families, guests, and invitees;”Master Deed, Article XIII, pp. 5-6

“The Commercial UNIT May be used for any lawful purpose including, but not limited to, offices and reception areas for the purpose of general rentals, management, and sales of UNITS located in The Palms.”Master Deed, Article XIII, p. 6

“No UNIT shall be the subject of any scheme of time-sharing, interval ownership’ or similar arrangment whether governed by the South Carolina Vacation Timesharing Act or not,”Master Deed, Article XV, p. 6

“All present or future owners, tenants, or any other person who might use the facilities of the CONDOMINIUM in any manner, are subject to the provisions of this Master Deed and all documents appurtenant hereto and incorporated herewith, and the mere acquisition or rental of any UNIT, or the mere act of occupancy of any UNIT, shall signify that the provisions of this Master Deed are accepted and ratified in all respects.”Master Deed, Article XXX, pp. 20-21

“Guest or renters are NOT permitted to have pets in the condominium or on the property.”Rules and Regulations, PETS, p. 1

“At such meeting, the amendment or amendments proposed must be approved by an affirmative vote of all the members owning a UNIT in the CONDOMINIUM and entitled to vote in order for such amendment or amendments to become effective.”Master Deed, Article XXVIII, Amendment of Master Deed, p. 19

Will your guests be treated like guests?

Favorable

Whether a guest who booked through you gets the same resort as a guest who booked through the front desk: the same pools, parking, wristbands and check-in, or a second-class version of them.

Renters get every amenity with no disclaimer or pass scheme, but there is no association-run front desk (the registration area and maid rooms belong to the private commercial unit), check-in and permit issuance are unstated, parking permits are capped at two per unit with towing, and guests/renters are barred from pets and motorcycles.

Amenities for your guestsSame as program guests

Wristbands & parking passesParking permits limited to two per unit, must be displayed at all times; vehicles without a valid permit subject to towing at owner's expense. Who issues the permits and any cost is unstated. Motorcycles are owners-of-record only (guests/renters barred); no trailers. No wristband or guest-pass system is mentioned.

Elevatorsunstated (no service-elevator or move-in rule found)

Housekeeping & linenunstated for owners; note that all 'maid' rooms and the Tower 2 mezzanine house laundry are limited common elements of the commercial unit, so on-site housekeeping infrastructure belongs to the commercial unit owner

What the documents say (6)

“Except for the LIMITED COMMON ELEMENTS which are reserved for the exclusive use of particular owners, the COMMON ELEMENTS shall be, and the same are hereby declared to be subject to a perpetual non-exclusive easement in favor of all of the owners of UNITS in the CONDOMINIUM for their use and the use of their immediate families, guests, and invitees, for all proper and normal purposes,”Master Deed, Article VII, p. 4

“Utilizing the pools and spas is permitted between the hours of 9:00 a.m. and 10:00 p.m. Persons using these facilities do so at their own risk. No glass, food or running is permitted in the pool and spa areas.”Rules and Regulations, SWIMMING POOLS AND SPAS, p. 1

“Persons using the fitness center, located on the south tower mezzanine level, shall do so at their own risk.”Rules and Regulations, FITNESS CENTER, p. 1

“Automobiles shall be parked only in paved parking spaces provided. Parking permits are limited to two per unit and must be displayed at all times. Vehicles not displaying a valid parking permit are subject to towing at the owner’s expense.”Rules and Regulations, PARKING, p. 1

“Effective January 1, 2015, Motorcycles are a privilege of owners of record ONLY. Guests, renters, friend, associates or relatives of owners are not permitted to have motorcycles on the premises at any time. No Trailers allowed on the property.”Rules and Regulations, PARKING, p. 1

“all rooms designated as "maid" are LIMITED COMMON ELEMENTS for the exclusive use of the commercial UNIT (C-1) and may be used for maid stations, storage or any other lawful purpose.”Master Deed, Article III, p. 2

How much work lands on you?

Favorable

What the rules make the owner personally responsible for: a local contact who answers in minutes, keys and passes, trash, fines for guest behaviour, vendor hours and elevators.

No local-contact, response-time, trash, elevator or vendor rules exist; the owner only answers for guest conduct and damage, deposits a key if asked, and manages two parking permits per unit.

Local contactunstated - no local agent/contact requirement found

Locks & keysOwner must deposit a unit key with the association if the association requires it, for emergency entry (Deed Art. XVI). No lock-type or key-system rule found.

FinesNo fine schedule in the documents. Owner is responsible for the conduct of family, guests and service personnel (Rules, GENERAL) and liable for repair costs caused by guests or lessees not covered by association insurance, including any resulting fire-insurance rate increase (Deed Art. XXIX.B). The association recovers its attorney's fees in any successful enforcement proceeding but an owner never can (Art. XXIX.C). Budget line 320 shows $1,500/yr of 'Late Fees and Fines'.

AlsoOwner maintains all in-unit HVAC (even if located outside the unit), appliances, fixtures, window glass and interior surfaces, pays the insurance deductible share for owner-maintained items, and must keep balconies/roof terraces clean (Deed Art. XX). No structural changes, balcony enclosures, exterior changes, storm panels or awnings without written association consent (Art. XVIII). Association may enter for maintenance at reasonable times with notice (Art. XVII). Assessments billed quarterly (Jan 1, Apr 1, Jul 1, Oct 1). Owner is liable for injuries or damage from accidents inside the unit and its balcony/terrace to the same degree as a house owner, and the association carries no coverage for owner contents or in-unit liability (Art. XXII), so a self-managing host needs their own liability/contents policy.

What the documents say (6)

“Each owner is responsible for the proper conduct of members of his/her family, his/her guests and service personnel insuring that they understand and observe all Rules and Regulations.”Rules and Regulations, GENERAL, p. 1

“to facilitate entry in the event of any such emergency, the owner of each UNIT, if required by the ASSOCIATION, shail deposit under the control of the ASSOCIATION a key to such UNIT.”Master Deed, Article XVI, p. 6

“The owner or owners of each UNIT shall be liable for the expense of any maintenance, repair or replacement rendered necessary by his act, neglect or carelessness, or by that of any member of his family, or his or their guests, employees, agents or lessees, but only to the extent that such expense is not met by the proceeds of insurance carried by ASSOCIATION.”Master Deed, Article XXIX.B, p. 20

“In any proceeding arising because of an alleged default by the owner of any UNIT, the ASSOCIATION, if successful, shali be entitled to recover the costs of the proceedings, and such Feasonable attorney's fees as may be determined by the Court, but in no event shall the owner of any UNIT be entitled to such attorney's fees.”Master Deed, Article XXIX.C, p. 20

“The owner of each UNIT shall be liable and responsible for the maintenance, repair and replacement, as the case may be, of all air conditioning and heating equipment (including, without limitation, equipment directly serving only his UNIT, but not located within his UNIT), stoves, refrigerators, fans, or other appliances or equipment,”Master Deed, Article XX, p. 8

“The owner of a UNIT shall be liable for injuries or damage resulting from an accident in his own UNIT, including, without limitation, LIMITED COMMON ELEMENTS appurtenant to his UNIT, to the same extent and degree that the owner of a house would be liable for an accident occurring within the house.”Master Deed, Article XXII, p. 9

Is the money healthy?

Favorable

Whether the association can pay for the building without surprise bills: reserves, special assessments, insurance deductibles, how fast dues are rising, and how much of the fee passes through to a master association.

Reserves at 29% of budget, flat regular dues and a 2025 surplus are strong, but insurance is a separate recurring $350,000 assessment (26% of budget) with no policy details, no reserve study or balance, and a deficit carried in 2025.

2026 budget$1,327,610

Dues change+0.0% on the year

Reserves29% of budget

Special assessments2026 $350,000 total ($714/qtr Hotel Suite, $1,215/qtr Condos & Penthouses, $939/qtr Commercial) Recurring 'Insurance Assessment' billed quarterly alongside the regular assessment to fund the master insurance premium; $400,000 in 2025, $350,000 in 2026. Presented as a budget revenue line, not labelled a special assessment, but it is a separate charge on top of regular dues.

InsuranceInsurance is budgeted at $350,000 for 2026 (line 510), down from $400,000 budgeted in 2025; 2025 projected actual was $314,259. It is funded by a separate quarterly 'Insurance Assessment' rather than regular dues. The deed (Art. XXIII) requires casualty coverage on all units and common elements at full replacement value including windstorm and water damage, plus liability, workers' compensation and other coverage the board chooses; lenders may approve carriers and amounts; proceeds run through an Insurance Trustee. Owners pay the deductible share attributable to items they maintain (Art. XX). No policy declarations, carrier or deductibles are in the set. If casualty proceeds fall short, the shortfall on common elements is funded from the replacement reserve or a further assessment on all owners, and a shortfall on a damaged unit is assessed on that unit's owner (Art. XXIII, pp. 11-12).

DelinquencyAssessment is in default if unpaid on the due date; the board may accelerate the whole year's assessment on 10 days' notice; after 20 days past due the association may enforce by any means under the Act including foreclosure; delinquent sums bear interest at the highest lawful rate or 10%; owner is personally liable plus collection costs and attorney's fees whether or not suit is brought; the association's lien is subordinate to previously recorded mortgages; a foreclosure purchaser is not liable for prior delinquencies (absorbed as common expense) but a voluntary grantee is jointly liable with the seller for unpaid assessments (Deed Art. XXVI.G-K). Budget shows $1,500/yr late fees and fines; delinquency balances are not reported.

What the documents say (13)

“301 Regular Assessments 967,910.00 967,910.00 967,910.00”2026 Budget, Revenues, p. 1 (2025 budget / 2025 projected / 2026 budget)

“303 Insurance Assessment 400,000.00 400,000.00 350,000.00”2026 Budget, Revenues, p. 1

“510 Insurance 400,000.00 314,259.00 350,000.00”2026 Budget, Expenses, p. 1

“801 Reserves 350,755.00 350,755.00 389,264.00”2026 Budget, Expenses, p. 1

“813 Prior Year's Deficit 5,409.00 5,409.00 -”2026 Budget, Expenses, p. 1

“Excess Funds: 124,477.00”2026 Budget, p. 1 (2025 projected column)

“60 Hotel Suite 0.008158 1,974.00 36 Condos & Penthouses 0.013883 3,359.00 1 Commercial 0.010732 2,597.00”2026 Budget, Annual Assessment Computation, 4 Payments Annually, Due Jan 1, Apr 1, Jul 1, Oct 1, p. 2

“60 Hotel Suite 0.008158 714.00 36 Condos & Penthouses 0.013883 1,215.00 1 Commercial 0.010732 939.00”2026 Budget, Insurance Assess Computation 350,000.00, p. 2

“Should the Board of Directors at any time determine, in the sole discretion of said Board of Directors, that the assessments levied are or may prove to be insufficient to pay the costs of operation and management of the CONDOMINIUM, or in the event of emergencies, said Board of Directors shall have the authority to levy such additional assessment or assessments as it shall deem to be necessary.”Master Deed, Article XXVI.C, p. 15

“When in default, the delinquent assessment or delinquent installment thereof due to ASSOCIATION shall bear interest at the then highest rate of interest permitted by law or if no such rate, at 10% per annum until such delinquent assessment or installment thereof, and all interest due thereon, has been paid to ASSOCIATION.”Master Deed, Article XXVI.G, p. 16

“An audit of the accounts of the ASSOCIATION shall be made annually by a Certified Public Accountant, and a copy of the report shall be furnished to each member not later than April 1 of the year following the year for which the report is made.”By-Laws, Article 7(e), p. 8

“nothing herein contained shall limit ASSOCIATION from applying any monies in such Reserve Fund for Replacements to meet other needs or requirements of ASSOCIATION in operating or managing the Project in the event of emergencies, or in the event that the sums collected from the owners of UNITS are insufficient to meet the then fiscal financial requirements of ASSOCIATION,”Master Deed, Article XXVI.D, p. 15

“The monies to be deposited by ASSOCIATION with the Insurance Trustee, in said latter event, May be paid by ASSOCIATION out of its Reserve for Replacements Fund, and if the amount in such Reserve for Replacements Fund is not sufficient, then ASSOCIATION shall levy and collect an assessment against the owners of all UNITS”Master Deed, Article XXIII, p. 11

Who's really in charge?

Typical

Who holds the power the documents hand out: an owner-elected board, or a developer or commercial-unit owner with deed-level rights over rentals, guest services and the building's name.

Board is fully owner-elected and developer rights expired in 1987, but the deed protects a commercial unit that may run rentals/management from the building and bars the association from limiting it, the by-laws give the board a purchaser-approval/right-of-first-refusal power the deed never spells out, and the master deed needs a unanimous owner vote to change anything.

StructureOne association

Commercial unitYes, with its own deed rights

BoardFive directors; elected by plurality at the annual members' meeting (third Saturday in September); two-year staggered terms; majority of the board must be unit owners (or representatives of a corporate owner); officers elected annually by the board. Developer (The Palms Group, Inc.) could name a board majority only while it owned 5+ units and that power expired 31 August 1987 (By-Laws Art. 4) / 1 September 1987 (Deed Art. XXXI). The by-laws expressly allow the board to employ a director or contract with a director for management of the condominium (By-Laws Art. 6(f)), and give the board power to approve or disapprove proposed purchasers of units (Art. 4(j)(v)).

Developer rightsExpired. Developer board-majority right ended 1987; developer sales-office/model use ended when all units were conveyed; developer representatives were exempt from conflict-of-interest recusal while those rights existed. Developer units were exempt from assessments until conveyed (through 1 September 1987).

Commercial-unit rightsOne commercial unit (C-1) with 1.0732% interest, ground floor of Tower 1 (registration, bookkeeping, manager offices), plus all 'maid' rooms and the Tower 2 mezzanine house laundry/storage as its limited common elements. It may be used for any lawful purpose including general rentals, management and sales of units; the association may not act to limit its permitted activities (Deed Art. XII); it may alter its unit and limited common elements without board consent so long as structure is unaffected (Art. XVIII). It has no exclusive right to rent or manage other owners' units and no guest-services monopoly. Owner/operator of C-1 is unstated.

VotesOne vote per unit (Articles of Incorporation Art. IV.4); by-law quorum is '51%-of the value of the property'; by-law and Articles amendments are measured by two-thirds of total value; co-owned/entity units must file a voting certificate or the vote is not counted. Non-cumulative director voting. Proxies allowed. Special meetings on request of owners of a majority of units.

Changing the deedMaster Deed: unanimous (affirmative vote of all members owning a unit) per Art. XXVIII, with unanimous owner-and-mortgagee consent to change percentage interests; By-Laws: two-thirds of total property value (Art. 9); Articles: two-thirds of total value (Art. XV); Termination of regime: unanimous owners and lienholders (Art. XXVII); Rules: board.

Disputes or lawsuitsunstated - no litigation, dispute or legal reserve appears in the documents (2026 legal/accounting line is $350; 2025 projected $1,870).

What the documents say (8)

“The first Board of Directors of the ASSOCIATION and succeeding Boards of Directors shall consist of five (5) persons. At least a majority of the Board of Directors shall be members of the ASSOCIATION, or shall be authorized representatives, officers, or employees of a corporate member of the ASSOCIATION.”By-Laws, Article 4(a), p. 3

“The power of the OWNER to designate Directors as above referred to shall terminate on the 31st day August, 1987.”By-Laws, Article 4(a), p. 3

“Provided, however, that no action shall be permitted which would limit the owner of the Commercial UNIT from carrying on its permitted activities.”Master Deed, Article XII, p. 5

“On all matters on which the Membership shall be entitled to vote, there shall be only one vote for each UNIT in the CONDOMINIUM,”Articles of Incorporation (Exhibit C to Master Deed), Article IV.4, p. 4 (deed p. 31)

“In order for such amendment or amendments to become effective, the same must be approved by an affirmative vote of the members owning not less than two-thirds of the total value of the property in the CONDOMINIUM.”By-Laws, Article 9(c), p. 9

“v) _To approve or disapprove proposed purchasers of UNITS ang to exercise or waive the ASSOCIATION'S right of first refusal of a proposed sale of a member's UNIT in the manner specified in the Master Deed,”By-Laws, Article 4(j)(v), p. 5 (no corresponding right-of-first-refusal article exists in the Master Deed as extracted)

“This Master Deed and said Plan of Condominium Ownership may only be terminated by the unanimous consent of all of the owners of all UNITS and all of the parties holding mortgages, liens or other encumbrances against any of said UNITS,”Master Deed, Article XXVII, p. 18

“This provision shall not preclude the Board of Directors from employing a Director as an employee of the ASSOCIATION, nor preclude the contracting with a Director for the management of the CONDOMINIUM.”By-Laws, Article 6(f), p. 7

03 Pros and cons

For the owner who runs it themselves.

The same building reads very differently to an owner on the rental program and an owner on Airbnb. This list is for the second one.

Working for you

The master deed expressly says the residential-use restriction does not prohibit leasing or renting, with no minimum stay, no rental registration, no advertising rules and no requirement to use any on-site program (Master Deed, Art. XIII, p. 6).
Renters and guests get the same common elements as owners (pools, spas, fitness center) with no disclaimer, wristband or guest-fee scheme in any document (Master Deed Art. VII, p. 4; Rules, SWIMMING POOLS AND SPAS / FITNESS CENTER, p. 1).
The commercial unit's rental/management office has no exclusive right over other owners' rentals or guest services; owners are free to self-manage (Master Deed, Art. XII-XIII, pp. 5-6).
Changing the master deed, including the renting clause, requires a unanimous owner vote, so rental rights cannot be stripped by a simple majority (Master Deed, Art. XXVIII, p. 19).
Reserves are budgeted at $389,264, about 29% of the 2026 budget, up 11% from 2025, plus a $35,000 capital improvement line (2026 Budget, lines 801 and 456, p. 1).
Regular assessments are flat at $967,910 for 2026 versus 2025, and the insurance assessment fell from $400,000 to $350,000, so total billing per unit is down about 3.6% (2026 Budget, lines 301 and 303, p. 1; assessment computation, p. 2).
2025 is projected to close with $124,477 of excess funds and no prior-year deficit is carried into 2026 (2026 Budget, line 813 and 'Excess Funds', p. 1).
Board is fully owner-elected (five directors, two-year staggered terms); developer control rights expired in 1987 (By-Laws Art. 4, pp. 3-4; Master Deed Art. XXXI, p. 21).
An annual CPA audit must be delivered to every owner by April 1 (By-Laws Art. 7(e), p. 8).
Dues cover master casualty/windstorm insurance, cable TV, internet, water/sewer, pest control, pool, elevators, security and janitorial (2026 Budget, expense lines 425-710, p. 1).

Watch-outs

Insurance is billed as a separate quarterly 'Insurance Assessment' on top of regular dues ($350,000 in 2026; $714-$1,215 per quarter per unit); it is in effect a recurring assessment that moves with the premium (2026 Budget, line 303 and Insurance Assess Computation, p. 2).
Insurance is 26% of the 2026 budget and the 2025 line was budgeted at $400,000 against a $314,259 projected actual; no policy, carrier, wind or flood deductible is in the set (2026 Budget, line 510, p. 1; Master Deed Art. XXIII, pp. 9-13).
No reserve balance or reserve study is provided, and the 2025 budget carried a $5,409 prior-year deficit (2026 Budget, line 813, p. 1).
The replacement reserve must be kept in a separate account, but the board may spend it on operating shortfalls or emergencies instead of levying an assessment, so the $389,264/yr contribution is not ring-fenced and no balance is reported (Master Deed Art. XXVI.D, p. 15).
The board may levy additional assessments at any time in its sole discretion if the budget proves insufficient or in emergencies, and may approve alterations or improvements to the common elements and assess the cost to all owners, with no owner vote in either case (Master Deed Art. XXVI.C, p. 15; Art. XIX, p. 7; By-Laws Art. 7(b), p. 8).
Guests and renters may not bring pets or motorcycles, and parking permits are capped at two per unit with towing for non-display; who issues permits to short-term guests is not stated (Rules, PETS and PARKING, p. 1).
Owners are responsible for the conduct of their guests and for any damage caused by lessees that insurance does not cover, including resulting insurance-rate increases; the association recovers attorney's fees in enforcement but an owner never can (Rules, GENERAL, p. 1; Master Deed Art. XXIX.B-C, p. 20).
The commercial unit may run rentals, management and sales from the building, controls the maid rooms and house laundry, may alter its space without board consent, and the association is barred from limiting its activities; its current owner/operator is not identified (Master Deed Art. III, XII, XIII, XVIII, pp. 2-7).
The by-laws refer to an association right of first refusal on unit sales 'in the manner specified in the Master Deed', but the master deed as provided contains no such article; confirm whether any ROFR or purchaser-approval process exists (By-Laws Art. 4(j)(v), p. 5; Art. 6(b), p. 7).
Governing documents are from 1985 with no amendments included and the rules sheet is undated and one page; any later rental, registration or guest rules would not be in this set (Master Deed p. 23; Rules p. 1).
Owners maintain all HVAC serving their unit even if located outside it, appliances, fixtures and window glass, and pay the deductible share on insured losses to those items (Master Deed Art. XX, p. 8).
Delinquent dues accrue interest at the highest lawful rate (or 10%), the board may accelerate the full year's assessment, and a voluntary buyer is jointly liable with the seller for unpaid assessments (Master Deed Art. XXVI.G-L, pp. 16-18).
Unanimous-vote master deed amendment also means the regime cannot modernise its 1985 deed (e.g. to add clear STR rules or fix the ROFR inconsistency) without every owner agreeing (Master Deed Art. XXVIII, p. 19).

04 The money

What you pay, and where it goes.

An HOA fee is a share of a budget. The budget tells you whether the fee is buying upkeep or catching up on it.

Regular assessments, 2026

Unit type	Per month	Per year
Hotel Suite (60 units, 0.8158% interest each) - regular assessment only	$658	$7,896
Hotel Suite (60 units, 0.8158%) - regular + insurance assessment (total billed: $1,974 + $714 per quarter)	$896	$10,752
Condos & Penthouses (36 units, 1.3883% interest each) - regular assessment only	$1,120	$13,436
Condos & Penthouses (36 units, 1.3883%) - regular + insurance assessment (total billed: $3,359 + $1,215 per quarter)	$1,525	$18,296
Commercial unit C-1 (1 unit, 1.0732%) - regular assessment only	$866	$10,388
Commercial unit C-1 (1 unit, 1.0732%) - regular + insurance assessment (total billed: $2,597 + $939 per quarter)	$1,179	$14,144

What the dues cover

Master casualty/windstorm and liability insurance on all units and common elements (via the separate insurance assessment)Cable television ($11,750 budget line; whether in-unit service is included is unstated)Internet ($18,450 budget line; whether in-unit service is included is unstated)Water/sewer/disposal ($47,000; units are not separately metered per the by-laws' reference to utilities 'not billed to the owners of the separate UNITS' - in-unit inclusion not confirmed)Electricity, gas and telephone for common elements ($33,000 / $14,000 / $1,900)Pest control ($5,400)Pool ($43,000), elevator ($25,000), fire system ($20,000), generator maintenance ($1,500)Janitorial ($64,220) and maintenance personnel ($157,000)Security agreement ($15,000)Annual audit ($3,375) and management agreement ($30,201)Reserves ($389,264) and capital improvement ($35,000)

Where the budget goes

801 Reserves$389,264 · 29%

510 Insurance$350,000 · 26%

400 Maintenance Personnel$157,000 · 12%

440 Janitorial$64,220 · 5%

605 Water/Sewer/Disposal$47,000 · 4%

425 Pool$43,000 · 3%

456 Capital Improvement$35,000 · 3%

435 General Bldg. Maintenance$35,000 · 3%

The figures, in the documents' words (13)

“301 Regular Assessments 967,910.00 967,910.00 967,910.00”2026 Budget, Revenues, p. 1 (2025 budget / 2025 projected / 2026 budget)

“303 Insurance Assessment 400,000.00 400,000.00 350,000.00”2026 Budget, Revenues, p. 1

“510 Insurance 400,000.00 314,259.00 350,000.00”2026 Budget, Expenses, p. 1

“801 Reserves 350,755.00 350,755.00 389,264.00”2026 Budget, Expenses, p. 1

“813 Prior Year's Deficit 5,409.00 5,409.00 -”2026 Budget, Expenses, p. 1

“Excess Funds: 124,477.00”2026 Budget, p. 1 (2025 projected column)

“60 Hotel Suite 0.008158 1,974.00 36 Condos & Penthouses 0.013883 3,359.00 1 Commercial 0.010732 2,597.00”2026 Budget, Annual Assessment Computation, 4 Payments Annually, Due Jan 1, Apr 1, Jul 1, Oct 1, p. 2

“60 Hotel Suite 0.008158 714.00 36 Condos & Penthouses 0.013883 1,215.00 1 Commercial 0.010732 939.00”2026 Budget, Insurance Assess Computation 350,000.00, p. 2

“Should the Board of Directors at any time determine, in the sole discretion of said Board of Directors, that the assessments levied are or may prove to be insufficient to pay the costs of operation and management of the CONDOMINIUM, or in the event of emergencies, said Board of Directors shall have the authority to levy such additional assessment or assessments as it shall deem to be necessary.”Master Deed, Article XXVI.C, p. 15

“When in default, the delinquent assessment or delinquent installment thereof due to ASSOCIATION shall bear interest at the then highest rate of interest permitted by law or if no such rate, at 10% per annum until such delinquent assessment or installment thereof, and all interest due thereon, has been paid to ASSOCIATION.”Master Deed, Article XXVI.G, p. 16

“An audit of the accounts of the ASSOCIATION shall be made annually by a Certified Public Accountant, and a copy of the report shall be furnished to each member not later than April 1 of the year following the year for which the report is made.”By-Laws, Article 7(e), p. 8

“nothing herein contained shall limit ASSOCIATION from applying any monies in such Reserve Fund for Replacements to meet other needs or requirements of ASSOCIATION in operating or managing the Project in the event of emergencies, or in the event that the sums collected from the owners of UNITS are insufficient to meet the then fiscal financial requirements of ASSOCIATION,”Master Deed, Article XXVI.D, p. 15

“The monies to be deposited by ASSOCIATION with the Insurance Trustee, in said latter event, May be paid by ASSOCIATION out of its Reserve for Replacements Fund, and if the amount in such Reserve for Replacements Fund is not sufficient, then ASSOCIATION shall levy and collect an assessment against the owners of all UNITS”Master Deed, Article XXIII, p. 11

The Palms Resort.

The documents behind this page.

What the documents decide
before your first guest books.

Can you rent it your way?

Will your guests be treated like guests?

How much work lands on you?

Is the money healthy?

Who's really in charge?

For the owner who runs it themselves.

Working for you

Watch-outs

What you pay, and where it goes.

Regular assessments, 2026

What the dues cover

Where the budget goes

What to put in the house manual.

What to ask the association for.

Have the documents read
for the building you are weighing.

The Palms Resort.

The documents behind this page.

What the documents decidebefore your first guest books.

Can you rent it your way?

Will your guests be treated like guests?

How much work lands on you?

Is the money healthy?

Who's really in charge?

For the owner who runs it themselves.

Working for you

Watch-outs

What you pay, and where it goes.

Regular assessments, 2026

What the dues cover

Where the budget goes

What to put in the house manual.

What to ask the association for.

Have the documents readfor the building you are weighing.

What the documents decide
before your first guest books.

Have the documents read
for the building you are weighing.