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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.
Support for the use of private transfer fees largely came from community associations, real estate developers and various environmental and non-profit organizations. [21] Opposition to the rise of private transfer fee covenants arose largely from the National Association of Realtors ("NAR") and the American Land Title Association ("ALTA").
The HOA governs the CID based upon the incorporated covenants, conditions, and restrictions (CC&Rs) which were recorded when the property was subdivided. [citation needed] The CC&Rs will outline the financial budgeting guideline for the HOA in determining the dollar amount in maintenance fees for assessing the owners. In a wholly owned CID ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
homeowner association (HOA) liens for unpaid assessments, fines, late charges, interest, costs, and attorney fees; attorney's liens, against funds and documents to secure payment of fees; mechanic's liens, which secure payment for work done on real property or land; judgment liens, imposed to secure payment of a judgment; and
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
Real estate owned as a condominium is usually similarly owned in fee simple, but typically subject to rules in the declaration of condominium or created by the condominium association, such as paying required monthly fees for maintaining the property's common areas; however, these are generally treated legally as covenants running with the land ...
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