What is a homeowner's association (HOA)
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Homeowner associations are typically created by restrictive conditions in the property's title deeds or by the agreement of the homeowners and include:
1. Levies, which you are liable for as an owner, are used for the general upkeep of common areas and will be borne by property owners within the homeowner's association.
2. Members of a homeowner's association may also be subject to rules outlined in the estate's incorporation documents.
3. To be able to purchase the property, the buyer must become a member of the homeowner's association.
4. On the day of transfer, purchasers are automatically members of the homeowners' association, and they cease to be members on the day of transfer of the property to a new owner.
5. Buyers of properties within homeowner's associations should be aware that they will be required to be members, liable for levies, and subject to the rules of the association.
Call your local Chas Everitt franchise for more information on Howe Owners Associations
Author: Chas Everitt