When you purchase property, such as a townhouse or a condominium in a planned development area, or live in one of several gorgeous golf communities in Colorado, most likely you must join the area’s Homeowner Association, the corporation responsible for governing the development and you must pay a monthly fee that will be used for maintaining the neighborhood. As a member of the association, you will participate in the election of the association’s officers as well as in other decisions and activities organized by the body.
The types of activities that Homeowners’ Associations are in charge of vary for each community, here are a few responsibilities that are common for most HOA’s:
– Rules – the association determines the rules of acceptable resident behavior, makes and carries out decisions regarding resident complaints, enforces decisions related to penalties found in breach of the community’s bylaws.
– Meetings – the HOA holds meetings to discuss matters of public concern in the neighborhood, such as voting matters and communicates with other parties involved, such as property managers.
– Finances – the HOA sets and manages membership fees, allocates funds and keeps the financial records and maintains a reserve of funds.
– Maintenance – the association schedules the necessary maintenance and repair works in the neighborhood, hires contractors for the works, carries out inspections.