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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.
Some home owners see their purchase as an investment and intend to sell or to rent the property after renovating or letting the house appreciate in value (known as flipping if done quickly). Due to the fact that homeowners have a financial stake in their homes, being a homeowner is an economically efficient course of action.
The Canadian Condominium Institute is a non-profit association of condominium owners and corporations with chapters in each province and territory. [9] The Condo Owners Association COA Ontario is a non-profit association representing condominium owners with divisions across the province and districts within the various municipalities. [10]
Condo owners also pay for their own property taxes and utilities. Shared areas of condos are usually managed by a condo association, which is a type of homeowners association. It typically acts as ...
Homeowners insurance vs. condo insurance Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly.
Condominium (a.k.a. commonhold and strata title) – Ownership of an apartment or house is assigned to an individual, but common areas (e.g. hallways, heating system, elevators, exterior areas) are controlled by the homeowners' association. Fees are charged to the condo owners for maintenance of the common areas. These are referred to as "condo ...
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A condo community is governed by a form of homeowners association which, in some jurisdictions, such as Ontario, Canada, is actually a condominium corporation that is managed by a board of directors. The association, of which all of the condo unit owners are members, sets out certain guidelines relative to the obligations of the unit owners as ...