|
Homeowner Associations
A Homeowner Association is a form of property ownership where the homeowner owns the dwelling as well as a portion of Common Elements such as recreational amenities, retention basins and other property which can vary from mailboxes, certain landscape areas and street lighting to the street pavement on private drives in certain Associations. The buildings in most Homeowner Associations as well as a portion of the land are owned by the individual homeowners, but maintenance responsibilities will vary between the Association and individual Homeowner and are described in the Association’s recorded governing documents. Buildings in Homeowner Associations may be either detached single family structures or attached with multiple dwelling units in a building.
About Condominium Ownership
A condominium is a form of property ownership (and not a particular style of building) where the homeowner owns an undivided percentage of the Common Elements such as the building siding, roofs, lawns, trees, mailboxes and access driveways, as well as a living Unit. Condominiums also have property known as the Limited Common Elements which are owned by all homeowners, but whose use and maintenance is exclusively granted to a particular Unit owner. Buildings in Condominium Associations may be either attached with multiple dwelling units in a building or detached structures.
Association Operations
All homeowners are automatically members of the Owners Association and are required to pay assessments to cover the cost of the operation of the association and maintenance of certain Common Elements. The Association is governed by a Board of Directors who administer association operations as outlined by the recorded governing documents and Rules and Regulations. All homeowners are required to comply with the provisions of these documents. Some of the provisions of the governing documents include restrictions on the use and/or alteration of the buildings or other Elements. Review of the documents is advised for a complete explanation of all of the conditions and responsibilities that apply to homeowners in the association.
Sale or Lease of a Home
All Associations require notification of the sale so that necessary information may be provided to the escrow agent and lender. Leasing of homes may be either unavailable or otherwise severely restricted to time limits and certain types of tenants.
A Sale Information package is available and must be completed and returned prior to the tentative title transfer date.
A special Real Estate Professional information package is available for real estate professionals marketing homes at our Association.
An Escrow Agent /Lender information package is available for title companies or lenders processing sales of homes at our Association.
Lease Information - Use to provide tenant information and request permission to lease in Associations where leasing is available.
|
