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Posted 20 November 2012 - 03:14
Posted 20 November 2012 - 03:22
Posted 20 November 2012 - 03:27
In the United States a homeowner association is a corporation formed by a real estate developer for the purpose of marketing, managing, and selling of homes and lots in a residential subdivision. It grants the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. It allows a civil municipality to increase its tax base, but without requiring it to provide equal services to all of its citizens. Membership in the homeowners association by a residential buyer is typically a condition of purchase; a buyer isn't given an option to reject it. Most homeowner associations are incorporated, and are subject to state statutes that govern non-profit corporations and homeowner associations. State oversight of homeowner associations is minimal, and mainly takes the form of laws which are inconsistent from state to state. Some states, such as Florida and California, have a large body of homeowner association law, and some states, such as Massachusetts, have virtually no homeowner association law.
Posted 20 November 2012 - 03:29
Posted 20 November 2012 - 03:38
Posted 20 November 2012 - 03:41
Whats sad is that it's getting harder and harder to find newer areas that don't have HOAs.
When I bought my house I had to search for the area without HOA. They are just blood suckers. Besides all the fees, you have to follow their rules also. It's your own home, but you don't have much control what is going on around your house.
Posted 20 November 2012 - 04:51
Posted 20 November 2012 - 08:34