What is an HOA?
Presented by the Compass Home Group of Keller Williams American Premier Realty
HOA stands for homeowner association – a nonprofit organization that is funded by all the association's members and overseen by an elected board of directors. In some states, HOAs must be registered with the department of real estate or another state regulatory agency.
The primary purpose of the HOA is to enforce the policies, procedures, regulations and restrictions agreed to by the members, thereby maintaining property values. Financial support for the HOA comes from each homeowner in the form of monthly dues and occasional assessments.
So, how does one become a member of an HOA? If you purchase a home in a managed community, you don't have a choice about whether to become a member. It is required and automatic. For this reason, when considering the purchase of a home governed by an HOA, reading the HOA documents before you agree to purchase is of critical importance.
What does CC&R mean?
CC&R stands for covenants, conditions and restrictions – the governing documents for the operation of the HOA. These are the rules that homeowners, tenants and guests are obligated to follow.
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Tim Langhauser & Michele McCartin
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