Charlotte Real Estate Glossary: What is a Homeowners’ Association?
This is an amazing tid bit of info pertaining to HOA's. I get asked this question on a weekly if not daily basis. HOA monthly dues can severely impact the price of home you are looking for and the neighborhood.
Neighborhoods, without an HOA are in high demand amongst my clients. But, they aren't necessarily as bad thing ...
Charlotte Real Estate Q & A: What is a Homeowners’ Association?
When you buy Charlotte real estate in a subdivision, co-op or planned unit development (PUD), you may be subject to a host of rules and regulations as established by the Homeowners’ Association (HOA) governing that particular community, subdivision or development.
You’ve most likely heard of HOA's before, but you may not know exactly how they function and how they can impact you and your Charlotte real estate purchase. Here are a few Q&A's pertaining to some of the broader issues of which you should be aware when moving into a community governed by an HOA.
What is a Homeowners' Association? It is a corporation formed by real estate developers to market, manage and sell homes and lots within a development.
Does the Charlotte real estate developer retain control of the HOA forever? No. After a predetermined number of homes or lots are sold, the control is turned over, first, to a handpicked group of homeowners. Later in the process, elections are held once a year within the development to choose board members.
Can anyone be a board member? As long as you’re a property owner in the development governed by the HOA, you can campaign for the position. Elections are held once a year. It is not a paid position; board members volunteer their time.
What is the primary function of the HOA? The primary function of an HOA is to maintain the rules and restrictions that were put in place by the developers and to maintain the community’s common areas. Common areas include streets, parking lots, parks or green areas, pools and buildings used by the owners like a clubhouse or fitness center. If your Charlotte real estate is an attached condo unit, this would include the exterior of your unit as well.
Can I elect not to join the HOA? No, HOA membership is written into the Covenants, Conditions and Restrictions (CC&R's) when the community is developed. No matter how many times the property changes ownership, the HOA requirements remain with the property. You’re also required to pay HOA fees, which are used to maintain the common areas; some have additional benefits, based upon the various developments in Charlotte. If you do not stay current on the fees, the HOA can and WILL apply an assessment lien on your Charlotte real estate and can even foreclose on the property.
Before buying into a community with an HOA, read and understand the CC&R's. Also, take the time to talk with some of the other homeowners in the development to find out how they feel about their HOA.
If you’re interested in buying Charlotte real estate, with or without an HOA, I can help. Please give me a call or email me with questions you may have about home buying in Charlotte NC.
Charlotte North Carolina Real Estate - Charlotte NC Relocation Information
Debe Maxwell, CRS, Realtor®/Broker
Savvy + Company Real Estate
1920 E. 7th Street
Charlotte, NC 28204
Mobile: (704) 491-3310
Fax: (704) 353-7014
Email: debe@debemaxwell.com
More information on Charlotte than you'll ever need!
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