What is a Homeowners Association?
Posted by Tom Crimmins Realty on
Pros and Cons of a Homeowners Association:
A real estate developer will establish a homeowners association to plan and oversee the construction of a neighborhood comprising houses, townhomes, and/or condominiums. It is granted the power to oversee the development's common areas and enforce the covenants, regulations, and limits. A homeowners association is a group of board directors that run the private community.
These board members analyze and watch over the property, manage the finances, enforce specific rules, and make sure the community is caught up with all of the maintenance. These individuals that are classified as the board directors are elected by all of the homeowners. The homeowners association has many responsibilities that impact…
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