HOA Risk Assessment · Myrtle Beach oceanfront

The Palace Resort.

Workable with rules. You can self-manage, but the rules shape how. Read the watch-outs before you price it.

Read from 4 association documents dated 1986–2026: The Palace Horizontal Property Regime — The Palace. This page answers one question: what is it like to own here and rent it out yourself?

Fees & income for this resort → What to ask the HOA
72OUT OF 100
Workable with rules

Self-manage score. Five questions, scored 1–5 from the documents, averaged.

Full read
Can you rent it your way?Clear
Will your guests be treated like guests?Typical
How much work lands on you?Typical
Is the money healthy?Typical
Who's really in charge?Favorable
01 What we read

The documents behind this page.

Nothing here is inferred from a listing or a phone call. Every score traces to a sentence in one of these.

Master Deed of The Palace Horizontal Property Regime (December 1986) with Exhibits 1-61986· partialBy-Laws of The Palace Horizontal Property Regime Council of Co-Owners (recorded copy, Deed Book 1103 Page 853 et seq.)1986· partialThe Palace HPR 2026 Rules and Regulations (recorded May 11, 2026, Deed Book 5077 Page 2260)2026The Palace HPR 2026 Summary Budget2026
✓Master deed / declarationOn file
✓BylawsOn file
✓Rules & regulationsOn file
✓Current budget with dues scheduleOn file
Latest annual meeting minutesNot on file
Insurance summaryNot on file
Reserve studyNot on file
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.

01

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 guarantees owners the right to rent for any period in their sole discretion and bars any Board action against it; no minimum stay, registration, on-site requirement, advertising rule or disclaimer exists in the documents.

Short-term rentalsAllowed
Must use on-site programNo
Owner may rent it personallyYes
Off-site manager allowedYes
Owner-use limitsunstated (no owner-use limits in any document)
Registrationunstated. No registration of tenants, leases or managers is required by the deed, by-laws or 2026 rules; the rules only require that each owner give tenants, leasing agent, realtor and/or property management company a copy of the rules, and that management have a key or code to every unit.
Advertising rulesNo signs of any kind on the property except for the Commercial Units, expressly including 'For Rent' and 'For Sale' signs (2026 Rules, Signs). No rules on use of the resort name, photos or online listings.
Disclaimer in your listingNot required
Vote to change rental rulesMaster Deed: 67% of all Voting Members (Art. VI); By-Laws: 67% of the total vote (By-Laws Art. XX); rules and regulations: Board may adopt or amend (Master Deed Art. III). The deed also states no present or future Board or Council action may prevent an owner from renting (Art. XI), so a rental restriction would need a 67% deed amendment, not a rule.
What the documents say (8)
“provided, however, nothing herein contained nor any present or future action by the Council of Co-Owners or its Board of Directors shall prevent any Co-Owner from leasing or renting his Apartment for such period or periods as he shall determine in his sole discretion to third parties; provided, however, such Apartment shall, if so rented or leased, be used for residential purposes only by such lessee or renter and in compliance with this Master Deed and its Exhibits, the Act and Rules and Regulations properly promulgated.”Master Deed, Article XI Use and Occupancy, page 18
“Such renter or lessee may be removed from the Property and/or refused further entrance by the Board of Directors of the Association or its designee for non-compliance, and the Co-Owner of that Apartment shall be liable for all damages caused by his lessee or renter and all costs of removal which shall be a lien upon his Apartment the same as the lien for unpaid Common Expenses.”Master Deed, Article XI Use and Occupancy, page 18
“No commercial or business activity shall be carried out in any Apartment or other part of the Submitted Property except in conjunction with a unit designated as a Commercial Unit and further except that the Declarant, its successors and assigns, may maintain and use one or more Apartments of the Condominium owned or leased by it, its successors or assigns, designated by Declarant as a model and/or for management, sales and/or rental offices”Master Deed, Article XI Use and Occupancy, page 18
“Section 6. Each Apartment, other than any Apartment owned by Declarant or designated as a Commercial Unit shall be utilized for residential purposes only, provided, however, such shall not prevent rent or lease of his Apartment by a Co-Owner to a lessee or rentor to use for residential purposes.”By-Laws, Article XII Obligations of Co-Owners, Section 6, page 10 (same text in Master Deed Exhibit 3, page 59)
“Each Owner shall ensure that, if applicable, his/her tenants, leasing agent, realtor and/or property management company receive a copy.”2026 Rules and Regulations, Introduction, page 1
“Units are limited to residential use only. Commercial use of any kind is prohibited.”2026 Rules and Regulations, Use, page 2
“There shall be no signs of any kind permitted on the property, with the exception of the Commercial Units. This includes "For Rent" and "For Sale" signs.”2026 Rules and Regulations, Signs, page 4
“The only Limited Common Elements presently designated in the Regime are (i) the maid/storage areas located on every other floor of the building and the Meeting Room located on the Ground Floor of the building which shall and may be used by the Co-Owner of Commercial Unit A, his lessees and assigns, for such use as is consistent with the Management and/or rental of the Regime”Master Deed, Article III Property Rights, Section 4, page 7
02

Will your guests be treated like guests?

Typical

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 on the same terms as owners, but pool wristbands and parking hang tags are mandatory with no stated issuer, and the front desk is a privately owned commercial unit with no duty to serve off-program guests, so the owner handles check-in, keys and passes.

Amenities for your guestsSame as program guests
Wristbands & parking passesPool access requires 'an authorized wrist band' for all owners and guests/tenants; who issues wristbands and whether there is a charge is unstated. Vehicles must display an owner's decal or 'The Palace hang tag' or be ticketed; owners and renters are allowed two parking spaces each; who issues hang tags is unstated. The deed lets the Board charge a fee for use of the Common Elements by guests and invitees of an occupant (not by the occupant/renter himself).
Check-inunstated. The reception desk is privately owned Commercial Unit A; nothing in the documents obliges it to check in off-program guests.
TrashAll trash in heavy-duty bags down the trash chutes on each floor; furniture, appliances, grills and boxes must be hauled off-site at the owner's expense; $50 immediate fine for items left in common areas traceable to a unit.
Elevatorsunstated (no service-elevator rule). Luggage carts are for owners and guests/tenants only, not contractors, and may not be taken into units.
Housekeeping & linenunstated. Washers and dryers are not permitted in units; owners/guests use the coin laundry rooms on every other floor (the eleven maid/storage rooms are Limited Common Elements of Commercial Unit A, not available to other owners).
What the documents say (7)
“Any Occupant may use the Common Elements reserved for the use of the Apartment he occupies during the time such Occupant is actually in residence in the Apartment. Guests and invitees of an Occupant of a Apartment and the Co-Owner of an Apartment (while another occupies his Apartment) may only use the Common Elements with the express permission of the Board of Directors and subject to such terms and conditions as the Board of Directors may specify in its sole discretion, including the payment of a fee thereof.”Master Deed, Article III Property Rights, page 6
“ALL OWNERS AND GUESTS/TENANTS ARE REQUIRED TO WEAR an authorized wrist band for access to the pool area.”2026 Rules and Regulations, Swimming Pools, page 4
“The fitness room is available for use by owners, their guests and renters.”2026 Rules and Regulations, Fitness Rooms, page 4
“Owners and renters are allowed two (2) parking spaces. Vehicles should be parked only in marked designated areas.”2026 Rules and Regulations, Parking, page 3
“All vehicles must have either an owner's decal or The Palace hang tag or they will be ticketed.”2026 Rules and Regulations, Parking, page 3
“Luggage carts are provided for the convenience of homeowners, guests/tenants only. They cannot be used by contractors.”2026 Rules and Regulations, Luggage Carts, page 2
“Washers and Dryers are not permitted within individual units. The taundry facilities, located on every other floor, are the only areas designated for such use.”2026 Rules and Regulations, Washer/Dryer Usage, page 4
03

How much work lands on you?

Typical

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 or response rule, but management must hold a key/code to every unit, move-ins and work are confined to business hours, there is no in-unit laundry, and fines are automatic and steep ($200 plus $100/day for willful disregard).

Local contactunstated (no local-agent or contact requirement)
Locks & keysManagement company and maintenance staff must have a physical key or code to every unit for pest control and emergencies; $100 immediate fine if they cannot get in; access for leak investigation cannot be denied.
FinesWillful disregard of the Master Deed or rules: immediate $200 fine plus $100 per day until corrected, plus actual repair cost of any common-property damage. Standard fine policy: courtesy letter (10 days), then $50 warning fine with hearing right, then $50 every 10 days; at $200 the matter goes to the Association attorney. Specific fines: $100 unit-access failure, $100 fireworks, $50 items left in common areas; dropping items from a balcony means immediate eviction without refund. The deed makes the owner liable for all damages caused by a lessee or renter and for removal costs, secured by lien, and lets the Board suspend common-element use for up to 30 days for rule violations.
Contractors & vendorsAlterations need prior written Association approval, must finish within 30 days of start and may only be done 9 a.m.-5 p.m. Monday-Friday, never on holidays; contractors may not use luggage carts; all contractor debris and move-in/move-out debris must be removed from the property; move-ins/outs only during business hours coordinated with building maintenance. Board may require approval of any contractor used for approved alterations.
AlsoQuiet hours 11 p.m.-7 a.m. Pets: owners only with Board exception and pet form on file; guests/tenants may not bring pets except service animals. No golf carts. Balconies: neutral furniture, no floor covering or tile, no hanging towels. Owner must maintain all interior fixtures including HVAC, water heater, appliances and all plumbing within the unit (Master Deed Art. XII). Owner pays a start-up fee of one month's assessment at closing (Master Deed Art. XVIII Sec. 2).
What the documents say (8)
“The Management company and maintenance staff MUST have access to every unit, whether by physical key or a code, to allow access for pest control and any emergency situation that may arise. If maintenance or an Association contractor requests access in the course of determining cause of a leak, etc., access cannot be denied. An immediate $100 fine will be applied to the owners' account if they cannot obtain entry.”2026 Rules and Regulations, Unit Access, page 1
“Willful Disregard of the Master Deed and HOA rules will be subjected to an immediate fine of $200. This will automatically be imposed and and additional $100 will be levied every day thereafter until the violation is corrected or an agreement to a corrective action is reached.”2026 Rules and Regulations, Willful Disregard, page 5
“Warning letter with a $50.00 fine sent to owner. Owner is provided ten (10) days to correct the violation or to request a Hearing before the Board regarding the alleged violation.”2026 Rules and Regulations, Fine Policy, Step 2, page 5
“Anyone caught dropping items off the balcony will be evicted immediately and without refund. The City of Myrtle Beach police will be contacted.”2026 Rules and Regulations, Common Elements/Balconies/Hallways, page 2
“All work shall be performed between the hours of 9 a.m. and 5 p.m. Monday through Friday. No work will be performed on holidays.”2026 Rules and Regulations, Alterations and Additions, pages 2-3
“All move in/move outs must be done during business hours and coordinated with building maintenance. Any unit that leaves items in the common area that can be identified as belong to that unit will receive an immediate $50 fine.”2026 Rules and Regulations, Trash, page 3
“The Association shall have the right to deny any Co-Owner or Occupant the right to use the Common Elements for a period not to exceed thirty (30) days for a violation of the rules and regulations promulgated for the use of the Property.”Master Deed, Article III Property Rights, page 6
“Guests/tenants are not permitted to bring pets of any kind, except for Service Animals.”2026 Rules and Regulations, Pets, page 2
04

Is the money healthy?

Typical

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.

Derived dues (about $460-$920/month by unit type) carry strong inclusions and $350,000 of reserve funding (14.3% of the gross budget) with a reserve-study line and a deed duty to keep an adequate reserve fund, and no special assessment is stated; but insurance is 23% of the budget on a 1986 oceanfront tower, the deed lets the Board assess a self-insurance fund for deductibles, and the reserve balance, prior-year budget and reserve study are not in the set.

2026 budget$2,445,520
Reserves14% of budget
Special assessmentsNone in the documents
InsuranceInsurance Expense $561,380 is the single largest 2026 line (23.0% of the $2,445,520 gross budget, 26.8% of the $2,095,520 operating expenses). The deed requires 100% replacement-cost coverage, allows the Board to assess a self-insurance fund for deductibles or shortfalls, and makes reconstruction compulsory after any casualty, with uninsured shortfalls charged to the owners of the directly affected apartments in equal shares (Art. X, pp. 13-16). History: the 2007 annual-meeting minutes bound into the by-laws file say hurricane-driven renewals were first quoted at $750,000 and negotiated about $250,000 lower, that the resulting dues increase was 'wholly associated with the insurance', and that a special assessment was avoided; no current policy, deductible or claims information is in the set.
Floodunstated in the budget; the Master Deed requires the Board to insure against fire, earthquake, flood, vandalism and windstorm at 100% replacement cost and allows a self-insurance fund, funded by assessment, to cover deductibles or shortfalls (Art. X).
DelinquencyAssessments due the 1st of each month; after 10 days a late charge of the greater of $10 or 10% of the amount due; lien on the unit with attorney's fees, foreclosable as a mortgage; Association may suspend the delinquent owner's and occupants' right to occupy the unit and use the common elements until paid, with no reduction in assessments; membership may be suspended; a director who becomes delinquent automatically leaves the Board. All payments must go into a lock-box account.
What the documents say (16)
“4001 Regular Assessments 2,420,520”2026 Summary Budget, Income, page 1
“4002 Reserve Funding (350,000)”2026 Summary Budget, Income, page 1
“Total Income 2,095,520”2026 Summary Budget, Income, page 1
“5023 Insurance Expense 561,380”2026 Summary Budget, General & Administrative, page 1
“6012 Consulting Fees- Reserve Study/Engineering10,000”2026 Summary Budget, Repairs & Maintenance, page 1
“Total Expenses 2,095,520”2026 Summary Budget, page 2
“The Common Expenses of the Regime and the monetary obligations of the Co-Owners under any agreements entered into by the Association shall be shared by the Co-Owners in the percentages set forth in the Exhibits.”Master Deed, Article V Expenses and Common Surplus, page 9
“Upon Assessments that are unpaid for over ten (10) days after due date, at the sole discretion of the Board of Directors (and if not forbidden by law), a late charge not to exceed $10.00 or 10% of the amount due, whichever is greater, to the extent allowed by law, shall also be due and payable to defray the expenses of late collection.”Master Deed, Article IX Assessments, page 12
“If a Co-Owner fails to pay an Assessment for the period specified herein, the Association may deny such Co-Owner or any Occupant of that Co-Owner's Apartment the right to occupy that Apartment and the right to use the Common Elements until such time as all Assessments are paid.”Master Deed, Article III Property Rights, page 6
“If the Property is not insured or, if the insurance proceeds are insufficient to cover the costs of reconstruction, rebuilding costs shall be paid by all of the Co-Owners directly affected by the damage and each shall be responsible for a share equal to the total cost times a fraction, the numerator of which is one and the denominator of which is the number of Apartments so directly affected.”Master Deed, Article X Insurance, page 16
“Electricity for the Units and all other purposes for the Regime may be metered to the Regime as a whole, rather than to individual Apartments, and,if so, shall be a Common Expense.”Master Deed, Article XII Maintenance and Alterations, Section 3(a), page 21
“Each Co-Owner shall pay a start-up fee in an amount equal to one month's Homeowner's assessments less amounts for telephone and television and monthly insurance escrow upon the closing of the purchase of the Unit.”Master Deed, Article XVIII Miscellaneous Provisions, Section 2, page 30
“shall establish and maintain an adequate reserve fund to cover these periodic expenses. The reserve fund shall be maintained out of regular assessments for Common Expenses.”Master Deed, Article IX Assessments, page 11
“In the event such coverage as obtained contains deductible(s) and/or is insufficient to so restore or replace, the Board, shall determine the amount(s) necessary to cover such deductible(s) and/or deficiencies and establish a self-insurance fund which shall have the same loss payee as the policies obtained. Such self-insurance fund and any increase and/or replacement(s) there shall be funded by assessment of all of the Co-Owners by the Board, which shall be so assessed, an item of Common Expense.”Master Deed, Article X Insurance, page 14
“because of hurricanes, the cost of insurance has increased. He explained that when the renewal of the insurance was first addressed the original quote was $750,000. When the Association's renewal occurred in December, the Board negotiated for the best possible rate. As a result, while the cost was considerably greater than last year, the cost was $250,000 less than originally projected.”By-Laws file (March 2007 annual meeting minutes), page 27 (OCR cleaned)
“Operating Account $ 64,035.48 Tideland Bank Reserve 109,960.79 BB&T CD 120,194.67 HCSB-CD 7,850.00 Insurance Reserve 1,277.18 TOTAL $ 303,318.12”By-Laws file (March 2007 annual meeting minutes), Financial Report, page 26
05

Who's really in charge?

Favorable

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.

Owner-elected five-member board, ordinary 67% amendment rules and no commercial monopoly on rentals, but four commercial units own the reception desk, maid rooms and meeting room (reserved for 'Management and/or rental of the Regime' uses), and dormant Declarant reservations (free leasing, exclusive utility/TV contracting, time-share veto) remain in the deed for as long as it owns any apartment.

StructureOne association
Commercial unitYes, with its own deed rights
BoardFive directors, all owners in good standing, elected by the members at the annual meeting (first quarter) for two-year staggered terms; no cumulative voting; officers elected by and from the Board; quarterly board meetings. Declarant-appointed initial board was to hand over within nine months of the 1986 recording.
Developer rightsResort Development Corporation (Declarant) reserved rights that apply 'so long as the Declarant continues to own any of the Apartments': free sale/lease of its units without regard to restrictions, use of units as sales/rental/management offices and laundry, signs on the premises, exclusive right to contract for water, sewer, utility, telephone and television services as agent binding the Association (Art. XV(e), p. 26), no amendment affecting its rights without its consent, and a veto over any time-share or interval-ownership plan. The documents do not say whether the Declarant still owns anything; the deed is 40 years old and the 2007 minutes show an owner-run board.
Commercial-unit rightsFour commercial units (reception desk/offices, administrative office, cafe/kitchen, lounge) with 21 of 877 votes. Commercial Unit A's owner, lessees and assigns hold the maid/storage rooms and meeting room as Limited Common Elements for uses 'consistent with the Management and/or rental of the Regime'. Commercial unit owners may post signs and use adjoining common elements for uses attendant to their business. The deed grants them no exclusive right to rent or manage residential units and expressly protects every owner's right to rent.
VotesOne vote per apartment weighted by value: 2 votes per suite, 3 per one-bedroom, 4 per two-bedroom, 6/3/8/4 for Commercial Units A-D; 877 total votes. Majority = 51% of total votes; quorum 51% (the Board may declare a quorum at one-third by two-thirds board vote); proxies allowed; written consents need 67%.
Changing the deedMaster Deed: 67% of all Voting Members (Art. VI); By-Laws: 67% of total vote (Art. XX); alterations/additions to common elements: Board plus 75% of total votes and 90% of mortgage debt (Art. XII Sec. 2); changes to percentages or voting rights, or termination, require all owners and mortgagees.
Disputes or lawsuitsunstated. No lawsuit, complaint or dispute document is in the set. The 2007 minutes bound into the by-laws file mention recurring parking-garage repairs, a quorum shortfall and an insurance-driven dues increase, but no litigation.
What the documents say (9)
“The Association shall be managed and governed by a Board of Directors (herein called the Board) consisting of five (5) members.”By-Laws, Article VIII Administration, Section 1 (by-laws file page 4 is OCR-garbled; text verified in Master Deed Exhibit 3, page 53)
“Directors elected at subsequent elections shall be elected for a term of two years, and shall be elected at the regular Annual Meeting of the Association.”By-Laws, Article VIII Administration, Section 1 (by-laws file page 4 is OCR-garbled; text verified in Master Deed Exhibit 3, page 53)
“This Master Deed may be amended at any regular meeting of the Association of the Regime or at a special meeting called expressly for such purposé, called and convened in accordance with the By-Laws, upon the affirmative vote of 67 percent of all the Voting Members of the Association”Master Deed, Article VI Amendment of the Master Deed, page 9
“These By-Laws may be amended by a vote of sixty-seven (67%) percent of the total vote of the Regime unless some other or greater vote is required herein, in the Master Deed and/or in the Act”By-Laws, Article XX Amendments, page 15 (also Master Deed Exhibit 3, page 64; OCR cleaned)
“There are eight hundred seventy-seven (877) total votes in the Regime.”Master Deed, Exhibit 4 Property Rights and Percentage of Interest, page 67 (OCR cleaned)
“Notwithstanding any other provisions herein, so long as the Declarant continues to own any of the Apartments, the following provisions shall be deemed to be in full force and effect: (a) The Declarant shall have the right at any time to sell, transfer, lease or re-let any Apartment(s) which the Declarant continues to own after this Master Deed has been recorded, without regard to any restrictions relating to the sale, transfer, lease or form of lease of Apartments contained herein”Master Deed, Article XV Certain Rights of Declarant, page 25
“no Apartment may be sold, leased or otherwise marketed under any plan of multiple use, interval ownership or time sharing arrangement without express written consent of Declarant.”Master Deed, Article XI Use and Occupancy, page 18
“provided, however, the provisions hereof shall not prevent the Co-Owner of a Commercial Unit from using portions of the Common Elements adjoining such Commercial Unit for uses normally attendant to such Commercial Unit, provided such does not unduly interfere with normal use of such Common Elements by other Co-Owners, their families, guests, invitees and lessees.”By-Laws, Article XII Obligations of Co-Owners, Section 8, page 10 (also Master Deed Exhibit 3, page 59; OCR cleaned)
“In order to provide the Regime with, among other things, adequate and uniform water service, sewage disposal service, utility services, telephone service and television reception, the Declarant reserves the exclusive right to contract for the provisions of such services. The Declarant, as agent for the Association and the Co-Owners, has entered into or may enter into arrangements, binding upon the Association and the Co-Owners, with governmental authorities or private entities for furnishing such services. The charges therefor will be Common Expenses.”Master Deed, Article XV Certain Rights of Declarant, Section (e), page 26
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 itself guarantees every owner the right to rent 'for such period or periods as he shall determine in his sole discretion' and says no present or future Board action can prevent it, so nightly rentals cannot be shut off by a rule change (Master Deed, Art. XI, p. 18).
  • No minimum stay, no rental registration, no required on-site program, no advertising or resort-name rules and no guest disclaimer appear in any document; the rules even assume owners use outside leasing agents, realtors or property management companies (2026 Rules, Introduction, p. 1).
  • Renters are 'Occupants' who may use all common elements while in residence, and the 2026 rules extend the pools, hot tubs and 24-hour fitness room to 'owners, guests/tenants' alike with no program/off-program distinction (Master Deed, Art. III, p. 6; 2026 Rules, Swimming Pools and Fitness Rooms, p. 4).
  • The four commercial units hold only 21 of 877 votes and have no exclusive right to rent or manage residential units; the board is five owner-elected directors on two-year terms (Master Deed, Exhibit 4, p. 67; By-Laws, Art. VIII, p. 4).
  • Dues cover building insurance, water/sewer, cable TV/internet, trash, telephone, pest control, an HVAC service contract, 24-hour security and a large maintenance staff, and the deed allows unit electricity to be master-metered as a common expense (2026 Summary Budget, pp. 1-2; Master Deed, Art. XII Sec. 3(a), p. 21).
  • The 2026 budget sets aside $350,000 for reserves (14.3% of total income) and funds a reserve study/engineering consulting line (2026 Summary Budget, p. 1).
  • Two parking spaces for each owner or renter in a 352-space garage, with no reserved or numbered spaces (2026 Rules, Parking, p. 3; Master Deed, Art. III Sec. 5, p. 7).

Watch-outs

  • The reception desk, the eleven maid/storage rooms and the meeting room are privately owned Commercial Unit A, reserved for uses 'consistent with the Management and/or rental of the Regime'; nothing obliges that desk to check in, hand keys to or issue wristbands/hang tags for a self-managing owner's guests, and the documents do not say who issues the mandatory pool wristbands or parking hang tags (Master Deed, Art. III Sec. 4, p. 7; 2026 Rules, Swimming Pools p. 4 and Parking p. 3).
  • Insurance is the largest line at $561,380, 23% of total 2026 income, and the deed requires 100% replacement-cost coverage, lets the Board assess a self-insurance fund for deductibles, makes rebuilding compulsory and charges any uninsured shortfall to the owners of the damaged apartments in equal shares (2026 Summary Budget, p. 1; Master Deed, Art. X, pp. 13-16).
  • A 1986 oceanfront 23-story tower with a five-level garage: reserves at 14.3% of income fall just under the 15% benchmark, the current reserve balance and reserve study are not in the set (the only balance on record is the 2007 financial report: about $110,000 in a bank reserve plus about $128,000 in CDs and a $303,318 total across all accounts), and the only historical data (2007 minutes) shows repeated garage repairs and a prior insurance-driven dues jump (2026 Summary Budget, p. 1; By-Laws file, 2007 minutes, pp. 26-28).
  • Fines are steep and automatic: 'willful disregard' draws an immediate $200 plus $100 per day, failure to let staff into the unit is $100, items left in common areas $50, fireworks $100, and the owner is liable for all damage and removal costs caused by a renter, secured by lien (2026 Rules, pp. 1, 3, 5; Master Deed, Art. XI, p. 18).
  • Management must hold a key or code to every unit at all times, so smart-lock codes must be shared and kept current (2026 Rules, Unit Access, p. 1).
  • No washers or dryers are allowed in units; guests use shared coin laundry rooms on every other floor, which limits turnover efficiency for a self-managed unit (2026 Rules, Washer/Dryer Usage, p. 4).
  • Guests and tenants may not bring pets of any kind except service animals, and no grills or golf carts are allowed, which narrows the guest pool (2026 Rules, Pets p. 2, Grilling p. 5, Parking p. 3).
  • Alterations and renovations are limited to 9 a.m.-5 p.m. weekdays, must be finished within 30 days, and contractors cannot use the luggage carts, which lengthens any refresh of the unit (2026 Rules, Alterations and Additions, pp. 2-3; Luggage Carts, p. 2).
  • The deed still carries Declarant reservations (free leasing, exclusive utility/TV/telephone contracting, veto on time-share plans and on amendments affecting its rights) that apply as long as the Declarant owns any apartment; whether it still does is unstated (Master Deed, Art. XV, pp. 25-27).
  • The by-laws file is a 'FOR REFERENCE ONLY' copy with 2007 meeting minutes mixed in, and no deed or by-law amendments, reserve study, insurance declarations, financial statements, recent minutes or pest-control policy are in the set, so current reserve balances, deductibles, assessments history and any rule changes since the originals are unverified (By-Laws file, pp. 1-48).
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 typePer monthPer year
Suite (0.2281% interest; 124 units, 369-458 sq ft) - derived: % interest x $2,420,520 regular assessments; the budget has no per-unit dues schedule$460$5,521
One bedroom (0.3421% interest; 88 units, 573-583 sq ft) - derived: % interest x $2,420,520 regular assessments; the budget has no per-unit dues schedule$690$8,281
Two bedroom (0.4561% interest; 86 units, 821-865 sq ft) - derived: % interest x $2,420,520 regular assessments; the budget has no per-unit dues schedule$920$11,040
Commercial Unit A reception desk (0.6842% interest) - derived: % interest x $2,420,520 regular assessments; the budget has no per-unit dues schedule$1,380$16,561
Commercial Unit B admin office (0.3421% interest) - derived: % interest x $2,420,520 regular assessments; the budget has no per-unit dues schedule$690$8,281
Commercial Unit C cafe (0.9038% interest) - derived: % interest x $2,420,520 regular assessments; the budget has no per-unit dues schedule$1,823$21,877
Commercial Unit D lounge (0.4561% interest) - derived: % interest x $2,420,520 regular assessments; the budget has no per-unit dues schedule$920$11,040

What the dues cover

building/property insurance ($561,380)electric for the building ($145,000; the deed allows electricity for the units to be master-metered to the Regime and treated as a Common Expense - the budget does not say whether in-unit electric is included)water and sewer ($102,000)cable TV/internet ($135,888)trash removal ($49,750)telephone ($25,000)fuel/gas ($36,000)pest control ($16,000)HVAC service contract ($13,447)security services ($175,000)maintenance staff ($475,000) and general maintenance ($100,000)elevator, fire/sprinkler, generator, cooling tower and pool maintenancemanagement services ($60,455)reserve funding ($350,000)

Where the budget goes

Insurance Expense$561,380 · 23%
Maintenance Staff$475,000 · 19%
Reserve Funding$350,000 · 14%
Security Services$175,000 · 7%
Electric$145,000 · 6%
Cable TV/Internet$135,888 · 6%
Water & Sewer$102,000 · 4%
General Maintenance$100,000 · 4%
The figures, in the documents' words (16)
“4001 Regular Assessments 2,420,520”2026 Summary Budget, Income, page 1
“4002 Reserve Funding (350,000)”2026 Summary Budget, Income, page 1
“Total Income 2,095,520”2026 Summary Budget, Income, page 1
“5023 Insurance Expense 561,380”2026 Summary Budget, General & Administrative, page 1
“6012 Consulting Fees- Reserve Study/Engineering10,000”2026 Summary Budget, Repairs & Maintenance, page 1
“Total Expenses 2,095,520”2026 Summary Budget, page 2
“The Common Expenses of the Regime and the monetary obligations of the Co-Owners under any agreements entered into by the Association shall be shared by the Co-Owners in the percentages set forth in the Exhibits.”Master Deed, Article V Expenses and Common Surplus, page 9
“Upon Assessments that are unpaid for over ten (10) days after due date, at the sole discretion of the Board of Directors (and if not forbidden by law), a late charge not to exceed $10.00 or 10% of the amount due, whichever is greater, to the extent allowed by law, shall also be due and payable to defray the expenses of late collection.”Master Deed, Article IX Assessments, page 12
“If a Co-Owner fails to pay an Assessment for the period specified herein, the Association may deny such Co-Owner or any Occupant of that Co-Owner's Apartment the right to occupy that Apartment and the right to use the Common Elements until such time as all Assessments are paid.”Master Deed, Article III Property Rights, page 6
“If the Property is not insured or, if the insurance proceeds are insufficient to cover the costs of reconstruction, rebuilding costs shall be paid by all of the Co-Owners directly affected by the damage and each shall be responsible for a share equal to the total cost times a fraction, the numerator of which is one and the denominator of which is the number of Apartments so directly affected.”Master Deed, Article X Insurance, page 16
“Electricity for the Units and all other purposes for the Regime may be metered to the Regime as a whole, rather than to individual Apartments, and,if so, shall be a Common Expense.”Master Deed, Article XII Maintenance and Alterations, Section 3(a), page 21
“Each Co-Owner shall pay a start-up fee in an amount equal to one month's Homeowner's assessments less amounts for telephone and television and monthly insurance escrow upon the closing of the purchase of the Unit.”Master Deed, Article XVIII Miscellaneous Provisions, Section 2, page 30
“shall establish and maintain an adequate reserve fund to cover these periodic expenses. The reserve fund shall be maintained out of regular assessments for Common Expenses.”Master Deed, Article IX Assessments, page 11
“In the event such coverage as obtained contains deductible(s) and/or is insufficient to so restore or replace, the Board, shall determine the amount(s) necessary to cover such deductible(s) and/or deficiencies and establish a self-insurance fund which shall have the same loss payee as the policies obtained. Such self-insurance fund and any increase and/or replacement(s) there shall be funded by assessment of all of the Co-Owners by the Board, which shall be so assessed, an item of Common Expense.”Master Deed, Article X Insurance, page 14
“because of hurricanes, the cost of insurance has increased. He explained that when the renewal of the insurance was first addressed the original quote was $750,000. When the Association's renewal occurred in December, the Board negotiated for the best possible rate. As a result, while the cost was considerably greater than last year, the cost was $250,000 less than originally projected.”By-Laws file (March 2007 annual meeting minutes), page 27 (OCR cleaned)
“Operating Account $ 64,035.48 Tideland Bank Reserve 109,960.79 BB&T CD 120,194.67 HCSB-CD 7,850.00 Insurance Reserve 1,277.18 TOTAL $ 303,318.12”By-Laws file (March 2007 annual meeting minutes), Financial Report, page 26
05 Rules your guests will feel

What to put in the house manual.

Fines for these land on the owner, not the guest.

PetsNo owner pets unless the Board grants an exception with a pet form on file at the management office; leashed or carried in common areas; none in pools or hot tubs. Guests/tenants may not bring pets except service animals. Deed: no pets without written Board consent; nuisance pets removable on three days' notice.
OccupancyMust comply with City of Myrtle Beach and Horry County ordinances (no numeric cap in the documents). Residential single-family use; renters may be removed by the Board for non-compliance.
SmokingSmoking/vaping only in three designated outdoor areas (two at the outside pools, one outside the main entrance); prohibited everywhere else.
ParkingTwo spaces per owner or renter; owner's decal or The Palace hang tag required or vehicle is ticketed; unreserved, unnumbered spaces in a five-level garage; vehicles left more than 7 days must be reported to the General Manager and Security and parked on the top two levels; no vehicle washing or repairs; unregistered/inoperable vehicles towed.
Golf carts, motorcycles, trailersNo golf carts. Jet skis, boats, RVs and trailers only on the 4th or 5th garage level; trailers over 15 feet need written permission to stay more than seven days.
GrillsNo gas, charcoal or other open-flame devices in units or on balconies, porches or hallways.
AgeUnder 14 not allowed in pool area without an adult; fitness room users must be 16; under-5s should not use hot tubs. No age-restricted community provisions.
AlsoQuiet hours 11 p.m.-7 a.m. (Horry County noise ordinance). No washers/dryers in units. No items in hallways, no holiday decorations or flags, no towels on railings, no balcony floor covering or tile, neutral-colored balcony furniture, no dish/antenna. No fireworks ($100 fine). No skateboards/skates on common elements. Luggage carts not into units. Pool wristbands required; pool hours 9 a.m.-11 p.m. Alterations need written approval; exterior changes also need Board (and, while it owns a unit, Declarant) approval. Signs prohibited except for Commercial Units.
06 Before you write an offer

What to ask the association for.

The documents we had leave these open. Ask for them in the due-diligence period and the score firms up.

Documents read October 2026. Full read: Deed, rules and the money were all on file.

Read this before relying on anything aboveEvery statement on these pages is read from the association's own recorded documents, named on the page, as they stood on the date shown. Boards amend rules, budgets change every year, and a recorded amendment can change a score overnight. Confirm anything you would rely on with the association or your closing attorney before you write an offer. This is not legal, tax or investment advice.
The next step

Have the documents read
for the building you are weighing.

This page says what the association's documents allow, require and cost. It cannot tell you which unit is listed this week, or what the seller's estoppel will say. Tell us the resort and we will read its documents against this framework, or pull them if you are under contract.

We use the numbers on this page to answer you specifically. No list, no drip sequence — a person reads it.