Home Owners Association Benefits The Home Buyer!
The Mary Ellen Vanaken Team of Keller Williams Realty - http://www.mevhomes.com
Home Owners Association benefits the home buyer! A homeowner association (HOA) is a corporation formed by a real estate developer for the purpose of marketing, managing, and selling of homes and lots in a residential community. The HOA grants the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. Membership in the homeowners association by a home buyer is typically a condition of purchase; a buyer is NOT given an option to reject it. Most homeowner associations are incorporated, and are subject to state statutes that govern non-profit corporations and homeowner associations.
An HOA provides people, with shared values on the type of neighborhood they desire, an opportunity to enforce regulations to achieve such a community. In doing so the Home Owners Association benefits the home buyer as they restrict the freedoms that would otherwise exist for its members based on municipal codes. For example a degree of conformity is required in exterior appearance of single family homes and there are often limits to noisy activities. There are pre-existing rules that a buyer has a right to view before entering such a community, that also prescribe methods for modification of these regulations. These rules or bylaws are largely limited in various degrees by state laws, with some overriding federal judicial or statutory limits. For instance no HOA can prohibit signs advocating political positions based on a Supreme Court decision, while they can prohibit commercial signs. In every association board members and officers are chosen by election from its property owner-members.
Many homeowners associations include recreational amenities, that they maintain for exclusive use of its members. These include access to pools, clubhouse, gym, tennis courts or walking trails that they may not be able to otherwise afford. Each member of a homeowners association pays dues that are used to pay the expenses of the community such as landscaping for the common area, upkeep of the amenities, insurance for commonly-owned structures and areas, mailing costs for newsletters or other correspondence, employment of a management company or on-site manager, or any other item delineated in the governing documents or agreed to by the Board of Directors.
To learn more about how a Home Owners Association Benefits The Home Buyer, contact The Mary Ellen Vanaken Team today - http://www.mevhomes.com
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