A homeowners association is a legal way to insure that there would be certain rules in place to govern the way people live in a particular community. It can be a high-rise building, golf course development, townhome community or traditional neighborhood. Check out our articles and blog posts for more information about homeowners associations.
Homeowners Living Maintenance Free
Maintenance-free is a concept that sounds good, but doesn't quite pan out when it comes to most single family homes. All homes age and need ongoing maintenance and attention in order to stay in good shape. But, in the late 1980s, developers began to introduce the concept of a maintenance-free community, in which residents aren't responsible for mowing the grass, plowing the snow, fixing roof leaks or painting the exteriors of their homes.
Homeowners Association Dues Required With PUD Rider
When you buy a home it's important to understand all the documents you sign. When you sign a planned unit development (PUD) rider on a mortgage that obligates you to pay dues as a member of a future homeowners association (HOA). When you're a member of an HOA, you also get benefits like the group caring for common areas.
Understanding Condominium Bylaws And Declaration
A member of a condominium board wants to educate his fellow board members. Bylaws and declaration hold the key to understanding the board's roles, responsibilities and procedures. The bylaws will tell you the process of electing members to the board of directors and officer duties and responsibilities, and the declaration will tell you what issues require a unanimous vote by owners of the condominium association.
Condominium Building Should Limit Rentals
A condominium association can permit any owner to rent out their unit, or place restrictions on renting a home. An owner would like to have this rule changed to cap rentals. Once you change the condominium declaration or the rules and regulations, you'll have to let everyone know about the new rule and then whether to grandfather in existing rental units or make people move when the lease ends. Ilyce explains the 70/30 rule for owner occupancy and why limiting rentals is good for the building.
Setting Up Condo Association
Normally, condominium associations are not-for-profit corporations, and each state has specific guidelines regulating them. One guideline is to have a registered agent for the condominium association. If the condominium association is involved in litigation, the registered agent is the person who will receive the legal notice of the suit.
Homeowners Association Assessment And Developer
When you live in a community with a homeowners association you're responsible for assessments, as is anyone who lives in the community. Sometimes homeowners association by-laws exclude developers from paying assessments on land they own. But once the developer finishes his work with the community that exclusion may go away. What are the options for the members of a homeowners association that has a developer's son as a resident member?
Condominium Owners Starting An Association
Condominium owners should get a copy of the condominium statute from the state, and owners need to be cautious when hiring a management company. Management companies offer different levels of services for different fees. The most basic management services include helping the association bill each unit owner for monthly assessments, receiving funds and doing basic bookkeeping services.
Real Estate Attorney Can Sort Out Title
After paying back and current taxes on a property that was quit claimed to you, can you take full title to a property? The answer? It depends on how the quit claim deed was drafted and what its intent was.