A homeowners’ association (HOA) is simply an independent legal organization formed by a group of homeowners that establishes rules and regulations with regard to what is accepted and what is not accepted in homes, flats, condominiums, etc. An HOA is also mandated with the task to oversee the rules and determine the money spent on communal property.
Homeowners associations are gaining in popularity in neighborhoods and communities throughout Chicago. With that said, more and more homeowners are joining these associations in order to protect their rights. Most townhouses, single-family subdivisions, and condominium have their own HOAs.
The CC&R’s or Covenant, Conditions & Restrictions are usually issued to members, and there are rules and regulations to ensure that they’re observed. The CC&Rs can control or limit how a homeowner can use their property or shared property. For instance, a Covenant, Conditions & Restrictions may have established rules determining the colors a homeowner can paint his/her home, who can occupy the property, or the times at which joint social amenities such as pools and community playgrounds can be used.
The main goal of CC&Rs is not to frustrate owners, but to make the place enjoyable for all occupants. However, a potential home buyer ought to consult one or two existing homeowners before buying a property that comes with HOA membership.
Features of HOAs
Members are normally billed compulsory fees. There’s usually a controlling board that appoints a manager to oversee law enforcement and handle repair or remodeling issues. Homeowners associations are authorized to order and put into effect design and maintain, standards with the exception of those established by the country’s government.
Some HOAs will maintain public social amenities, provide security, arrange for community landscaping, and control waste like sewage and garbage.