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Homeowners association

Homeowners association Definition

Some of the developments that real estate developers build are common interest developments, a category that includes planned–unit developments of single–family houses, condominiums, and cooperative apartments. Before the first unit is sold, of one of these developments, the developer records restrictive covenants — on all of the properties — that "run with the land," meaning that all successive buyers are bound by the same covenants as the original purchaser. These covenants, among other things, form a homeowners association.

A homeowners association is an organization comprised of all owners of units in the development. The vast majority of them are incorporated and are therefore governed by a board, which is a private government.

Homeowners associations collect fees from homeowners, maintain the common areas of the development, and enforce the association's governing documents. These may include detailed rules regarding construction and maintenance of individual homes.

Real Estate

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