A community association may be called a number of things including, homeowners association, condomium association, property owners association or a cooperative (co-op). Although they can have many different functions, the primary goal of any association is to preserve the nature of a community and to protect the value of the property or properties located in the community.
When a community is first developed it is up to the individual developer to determine the type of community that is going to be developed. These communites can contain condomiums with common elements that are shared among the owners, such as common hallways and grounds, fee simple townhomes, and single family homes in a particular subdivision.
If you are thinking of buying a new home that is located in community association it is important to know the type of community you are buying in and what your duties to the association will be. Most Associations are mandatory but some are voluntary.
Ask your REAL ESTATE professional to obtain a copy of the Covenants and By-Laws for the community before you make your offer on the property so that you will know exactly what you are buying into.
Subscribe to CommentsComment