What is an HOA?
A Homeowner’s Association, or HOA, is an organization created by a group of property owners, or property developers which helps to oversee any shared property belonging to the homeowner group, and which usually has a legal means of reinforcing any agreed upon rules the homeowners must follow. A lot of new single residence communities establish an HOA as properties first begin to sell, and they’re also very common in things like condominium or townhouse complexes. Lots of times when housing developments are built, they include some shared property that any person owning a home can use. Things like swimming pools, gyms or small parks are going to require maintenance. Here the HOA can step in to define use and restrictions on these, and they can collect dues from property owners to pay for maintenance. People may also wish to live in communities where they can be assured of routine maintenance of common areas or even of building exteriors. Again, dues collected may pay for these things. H
A homeowners association is a corporation created in order to enforce Covenants, Conditions & Restrictions and maintain, enhance, and protect the value of common property and the neighborhood as a whole. By virtue of purchasing a home within an HOA, you are a member who must pay assessments and abide by the covenants.
Homeowners’ associations, or HOAs, are formal legal entities created to maintain common areas; they have the authority to enforce deed restrictions. Most condominium and townhome developments, and many newer single-family subdivisions have HOAs, which are usually created when the development is built. Covenants, Conditions & Deed Restrictions are issued to each homeowner, and HOAs are established to ensure that they are adhered to in order to maintain the quality and value of the properties involved. Features of a Homeowners’ Association: • Membership is mandatory for all property owners within the development • Members are usually charged mandatory fees • Homeowners associations have the authority to enact and enforce maintenance and design standards in addition to those established by City ordinances • Homeowners’ associations are corporations with formal bylaws – there is usually a governing board which hires a property management company to handle maintenance and enforcement issues
