Homeowners Association (HOA)Realized1031.com2018-12-01 08:00:00
Homeowners Association (HOA)
Homeowners Association is an organization within a living community that creates and enforces a set of rules for the properties within its jurisdiction. Residents that own property within an HOA’s area of authority automatically become members and are subject to HOA fees. Property types that are often apart of associations include subdivisions, planned communities, or condominiums.
HOA’s vary as to how restrictive they can be towards their members. Using a Declaration of Covenants, Conditions and Restrictions, an association’s board of directors sets guidelines as to what actions its members can take. This can include everything from resident behavior to limitations on structural additions to property.
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