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Homeowners Association

  • An organizational framework set up for self-governance by owners through adoption and enforcement of bylaws
  • Homeowner’s Dues are associated with ownership for the upkeep of the buildings and common areas
  • Maintenance of common elements is funded by fees charged to each unit owner.

Bylaws

Rules and structure for administering the homeowners’ association.

Deed Restriction

Provisions are placed in a deed to control the future use of the property.

Violation of a deed restriction could be jail, a fine, or both.

Restrictive Covenants

Rules or private agreements, usually stated in a deed or lease, restrict things like

lot size and

architectural controls.

Covenants, Conditions & Restrictions (CC&R’s) Package

This is part of the disclosure that the seller has to provide to the buyer.

Private, voluntary rules (intended to be beneficial) used in homeowner associations and PUD’s; also deed restrictions that control property use, architectural changes, landscaping, and whether or not animals are permitted, etc.

The homeowners enforce the CC and Rs in a Neighborhood Association.

Common Elements

The areas in a condominium project or PUD where all owners share an undivided interest and full possession, such as the common area hallways, swimming pool, and clubhouse.

Amenities

They enhance value by a home’s proximity to amenities of the property. Examples are a bike trail, a community pool, or a beautifully shaded park. 

Amenities

A community asset that increase the value of the neighborhood’s property value. 

Not on the individual homeowners land.

Features

On the property. Enhances an individual’s property owners’ real estate. 

On their property.

Limited Common Elements

Those areas in a common interest community are reserved for exclusive use by a particular owner, such as decks, storage areas, or parking spaces.

Homogeneity

Similarity; Neighborhoods that have homogeneity of houses and people are generally stable in value.

(As opposed to a  Non-homogeneity which is a physical characteristic of land.)

Conformity Principle – Basis for Home Owners Associations

A property that conforms to its surrounding properties in style, age, size, appearance tends to maximize value.

 

Master Deed

Describes the physical location of the common and individual elements (units) of a condominium.

Subdivider

One who partitions a large parcel of land for resale as individual lots.

Attractive Nuisance

An item or property which might attract the curious (children) to their detriment, e.g., a swimming pool, construction site, abandoned appliances, etc. Owners generally have direct liability for attractive nuisances that are not secured.

 

Read your documents before signing.