Monday, September 28, 2015 / by Jason Huerkamp
Home Owners Associations - What is Their PurposeThe Home Owners Association (HOA) is made up of all the registered owners in a particular real estate complex. All registered owners must become members of the HOA. Rights would terminate on the sale of the property and pass on to the new registered owner.
What does the HOA do?
- Pay the property taxes on the common areas or the subdivision
- Pay the insurance on the common areas, buildings and implements
- Personal liability insurance for the subdivision
- Maintain the common areas of the subdivision
- Manage maintenance and repairs to the buildings and facilities that the homeowners enjoy
- Pay staff employed by the HOA for purposes of maintenance, accounting, management etc
- Correspondence costs and mailing
- Other items specific to the HOA
- Enforce rules and regulations set about by the HOA declaration, governing rules and conduct rules, articles and bylaws
- Enforce and amend Covenants, Conditions and Restrictions (CC&R's)
- Correspond with the homeowners regarding the business affairs of the association
- Create subcommittees (if so desired) for various items including architectural guidelines, gardening committees, social calendar etc
- Other tasks to be decided upon