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What is a HOA

What is an HOA?
 
Homeowners' associations, or HOAs, are formal legal entities created to maintain common areas; they have the authority to enforce deed restrictions.

Most condominium and townhome developments, and many newer single-family subdivisions have HOAs, which are usually created when the development is built. Covenants, Conditions & Deed Restrictions are issued to each homeowner, and HOAs are established to ensure that they are adhered to in order to maintain the quality and value of the properties involved.

Features of a Homeowners' Association:

• Membership is mandatory for all property owners within the development

• Members are usually charged mandatory fees

• Homeowners associations have the authority to enact and enforce maintenance and design standards in addition to those established by City ordinances

• Homeowners' associations are corporations with formal bylaws - there is usually a governing board which hires a property management company to handle maintenance and enforcement issues

• Many homeowners' associations publish a newsletter

Note: CDD and HOA in Tampa varies per each communities. It’s noteworthy to know that a non-CDD community will have higher HOA fees.
Source: Home Buying Institute
 

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