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During the early 1980s, the resulting HOA boom revealed the severe limitations of the California laws then applicable to common interest developments. Many HOAs ran into difficulties because they were poorly planned and were only weakly regulated (if at all) by the Condominium Act of 1963.
California Senate Bill 684 (SB 684) is a 2023 California statute which requires cities to ministerially allow property owners to subdivide multifamily lots to create subdivisions with up to 10 houses, townhouses or condos in multi-family-zoned areas. [1]
States vary in how they tax common areas, for real estate tax purposes. It may depend on whether it is a condo or a co-op. For example, the state of Arizona taxes "residential common areas" in housing developments with a flat tax, but common areas of condominiums and golf courses are assessed separately. [18]
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For example, an owner would like to have a pool but cannot afford one. When buying a condominium with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [5] Timeshare, or vacation ownership, is the same concept. Buying a second home ...
Short for condominium, a condo is a single unit within a multiple-unit property. It can be one of many units in a shared structure, like a high-rise building, or it can be in a much smaller ...
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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.