A homeowners association can be a nonprofit corporation or an unincorporated association created for the purpose of managing a common interest development. A common interest development is a real estate project that has common areas, in which all owners have rights, and separate ownership interests, such as individual condo units. These developments include such things as:
• A high rise condominium
• A planned unit development with separate home sites
• A planned residential development
• A community apartment project
• A stock cooperative, in which owners have long-term leases for their units
Most real estate projects require that each owner of a unit (or comparable separate interest) be a member of the homeowners' association so that assessments can be collected for each unit. Membership is usually automatic when a unit is purchased. Mandatory membership can be enforced by the association.
A homeowners' association represents the interests of separate owners in the common interest development. Associations are responsible for the following:
• Managing and maintaining the improvements and common areas
• Administering the rules and regulations governing use of recreational facilities
• Making and enforcing assessments of owners for maintenance and improvement expenses
• Making decisions regarding violations of the covenants, conditions and restrictions of the development
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
A homeowners association can be a nonprofit corporation or an unincorporated association created for the purpose of managing a common interest development. A common interest development is a real estate project that has common areas, in which all owners have rights, and separate ownership interests, such as individual condo units. These developments include such things as:
• A high rise condominium
• A planned unit development with separate home sites
• A planned residential development
• A community apartment project
• A stock cooperative, in which owners have long-term leases for their units
Most real estate projects require that each owner of a unit (or comparable separate interest) be a member of the homeowners' association so that assessments can be collected for each unit. Membership is usually automatic when a unit is purchased. Mandatory membership can be enforced by the association.
A homeowners' association represents the interests of separate owners in the common interest development. Associations are responsible for the following:
• Managing and maintaining the improvements and common areas
• Administering the rules and regulations governing use of recreational facilities
• Making and enforcing assessments of owners for maintenance and improvement expenses
• Making decisions regarding violations of the covenants, conditions and restrictions of the development
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125