What is a Homeowners Association(HOA)

Many people who are looking to buy a new home see that there is a Homeowners Association, or HOA, possible associated with a piece of real estate they are interested in, and have no idea of what it is or what it is for. Of course, your Vancouver Realtor will explain more in detail if this subject comes up during your search for a new home or any real estate. This is one reason it is heavily advised to work with a local Realtor when looking for a new home or other real estate.

Homeowners Associations are usually involved with large condo or town home projects, or private communities where the combined total of residents are all members of the HOA.

A homeowners’ association is incorporated by the developer, prior to the initial sale of homes, and the Covenants, Conditions, and Restrictions (CC&Rs) are recorded when the property is subdivided. Like a city, associations provide services, regulate activities, levy assessments, and impose fines. HOAs are considered private corporations and are not subject to all of the Constitutional constraints that public government must abide by. Some of the tasks which HOAs carry out would otherwise be performed by local governments. A homeowners’ association can enforce its actions through private legal action under civil law. Many homeowners associations include recreational amenities, that they maintain for exclusive use of its members. This can allow an individual homeowner access to a pool, clubhouse, gym, tennis courts or walking trails that they may not be able to otherwise afford. Each member of a homeowners association pays assessments that are used to pay the expenses of the community, like landscaping maintenance, and other ongoing maintenance costs.

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Related posts:

1. Purpose of Homeowners Association (HOA)
2. A Guide to Real Estate Lingo
3. Vancouver Homeowners Be Ware!
4. WHAT IS A REALTOR?
5. WHAT IS HOMEOWNERS INSURANCE FOR?