There is some basic information about homeowners associations that anyone considering buying a home should know about. How much do you know about homeowners associations? If you’re considering buying a home and you learn its part of a homeowners association, you’ll want to make sure you know what to expect when being part of an HOA community. Each Association community is unique, but they all have similarities such as requiring membership dues, following the Covenants, Conditions, and Restrictions (CC&Rs), and a board of directors that governs the Association. You can get answers from some common questions you may have – and that should you know – about homeowners associations in the article excerpt below.
Posted by: Neighborhood Link
Home Owner Association or HOA FAQ
Frequently asked questions about HOAs or Home Owner Associations. What exactly is an HOA? Is membership mandatory? Are dues mandatory? Who benefits?
What is an HOA?
An HOA or Homeowner Association is a legal entity created to manage and maintain the common areas of a community. Typically these "common areas" consist of things like pools, clubhouses, landscaping, parks, streets and roads.
HOAs can consist of single family homes, condominiums, or town homes and are typically setup by the original developer of the community with a set of rules called "Declaration of Covenants, Conditions, and Restrictions" otherwise known as "CC&Rs".
One of the primary functions of the HOA is enforce and ensure that these "CC&Rs" are adhered to by the individual homeowners. The guiding principals of these regulations are normally to help maintain property values and the quality of life within the community. For a detailed description, see this article: What is an HOA
If I buy a home within an HOA, do I have to belong to the HOA?
Yes, the only way an HOA can work correctly is if everyone who lives within its boundaries belongs to the HOA and pays dues.
What is the difference between the HOA and the board of directors?
The HOA consists of all owners within the geographic boundaries of the HOA. Each and every owner is a member of the HOA. Membership is not optional. The Board of Directors consists of those owners who have been elected to conduct the day-to-day business of the HOA and make the decisions that affect all owners.
[Continue to full article: Home Owner Association or HOA FAQ]
It’s important to know the basics about living in a homeowners association. They can be great communities to be a part of, but they also aren’t for everyone. To learn more about being a part of a homeowners association, check out the related blogs below: