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The HOA governs the CID based upon the incorporated covenants, conditions, and restrictions (CC&Rs) which were recorded when the property was subdivided. [citation needed] The CC&Rs will outline the financial budgeting guideline for the HOA in determining the dollar amount in maintenance fees for assessing the owners. In a wholly owned CID ...
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
One of the key drivers behind rising HOA costs is actually related to special assessments, rather than incremental monthly increases, says Angel Nicolas, a real estate advisor with Compass in Miami.
An association’s budget must include reserve accounts for capital expenditures and deferred maintenance
Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. ... Those considering buying a condo should carefully research HOA costs both now and in ...
States vary in how they tax common areas, for real estate tax purposes. It may depend on whether it is a condo or a co-op. For example, the state of Arizona taxes "residential common areas" in housing developments with a flat tax, but common areas of condominiums and golf courses are assessed separately. [18]
Shared areas of condos are usually managed by a condo association, which is a type of homeowners association or HOA. It typically acts as a supervisory board and hires a property management ...