Real Estate Glossary | What is HOA (homeowner?

What is HOA (homeowner association)?

An HOA, or homeowners association, is a group of people who live in a certain residential area, Condominium, Subdivision, particular neighborhood or development, or planned community, and are elected by the landowners who live in that particular area. They are usually formed within communities or neighborhoods of single-family homes or multiple-unit buildings.

They are in charge of a variety of responsibilities, including making and enforcing rules and guidelines. HOAs are governed by a board of directors and, most of the time, collect monthly or annual fees to cover the costs of common area maintenance and facility upkeep. HOAs will set the building's budget and have the power to impose monthly or one-time fees to their members. HOA fees are typically collected from homeowners to cover the costs of maintaining the common areas and enforcing the rules.

HOAs can apply a variety of sanctions if a member refuses to pay these fees or follow the community by-laws.

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