Living in the LP

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Answer: A Homeowners' Association (HOA) is a legal entity created by a real'

General HOA

Question: What is a Homeowners Association (HOA)?
 
Answer: A Homeowners' Association (HOA) is a legal entity created by a real estate developer for the purpose of developing, managing and selling a community of homes. It is given the authority to enforce the covenants, conditions & restrictions (CC&Rs) and to manage the common amenities of the development. It allows a developer to end their responsibility over the community, typically by transferring ownership of the association to the homeowners after selling. Generally accepted as a voluntary association of homeowners gathered together to protect their property values and to improve the neighborhood, a large percentage of U.S neighborhoods where free standing homes exist have an HOA. Most homeowners' associations are non profit organizations and are subject to state statutes that govern non-profit corporations and homeowners' associations.

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Question: What is an Association Management Company and what do they do?
 
Answer: A property management entity contracted by a Board of Directors or community to provide a variety of services including but not limited to collecting assessments, sub-contractor endeavors, financial advisement and statement/reports preparation and analysis, general maintenance and problem resolution, and advisement on legal and other property related matters. Some of these companies manage hundreds of properties simultaneously, while others focus on individual properties.

Question: Are 'Dues' different than 'Assessments?'
 
Answer: A predetermined set of fees usually referred to as 'Dues' are collected by HOAs, Community Associations, or divisions of property management for the upkeep of said organizations or neighborhoods in general. These fees are billed at intervals, sometimes by month, quarter, or annually.

Question: What is a 'Proxy?'
 
Answer: An individual appointed to act or vote on behalf of another person by representing them at a meeting of the association. The title can also refer to the written piece of paper granting that power.

Question: What is a 'Quorom?'
 
Answer: A Quorom is defined as the minimum number of owners required to hold an official meeting of the association. The number of owners required can vary greatly according to the corresponding association's governing documents.