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A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
There are only a handful of restrictions an HOA cannot enforce. No clause in an HOA agreement can negate federal, state or local law. Federal law prohibits regulations that prevent: Flying of U.S ...
Getty Images By Teresa Mears If you buy a condominium, townhouse or single-family home in a newer development, you're likely to become a member of a community association. About 20 percent of ...
An affirmative covenant is one in which property owners must actively perform a specific activity, such as keeping the lawn tidy or paying homeowner's association dues for the upkeep of the surrounding area. An agreement not to open a competing business on adjacent property is generally enforceable as a covenant running with the land.
In contract law, a land contract, (also known as contract for deed or agreement for deed), is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments.
Often, the HOA passes this ever-rising cost on to the homeowners in the form of higher monthly fees or larger one-time fees called special assessments. This jump in homeownership costs can have a ...
Combines elements of a traditional rental agreement with an exclusive right of first refusal option for later purchase on the home. It is a shortened name for Lease with Option to Purchase Contract. The lease purchase agreement expounds upon what responsibilities the tenant/buyer and landlord/seller undertake during the course of the lease.
Yet homeowners couldn’t get rid of the board: One attempt was thwarted by a fake bomb threat, and a recall effort got nowhere when the board, in an outrageous move, threw out two-thirds of the ...