Q: What is a homeowner’s association?
A: A homeowner’s association (HOA) is an association formed by property owners or developers to take charge of the shared amenities and common property areas in the neighborhood such entrance, playgrounds, pool, tennis courts and walkways. They are also authorized to develop rules and regulations that will aid in the protection of the interest of the residents. Property owners are required to abide by the HOA rules to avoid fines and conflicts. In addition to neighborhoods, there are also HOAs in condominium and townhouse developments.
The HOA is made up of a board of directors consisting of property owners in the development. Although it is a privilege to be among the board of directors of the HOA, it comes with great responsibility. Bear in mind that the board of directors is responsible for the many things in the neighborhood. They have to make sure that the rules and regulations are properly implemented.
In addition to management, there are also other things that the HOA attend to and oversee such as maintenance and repairs. The HOA has to make sure that the amenities are in good working condition. Bear in mind that the property owners will be using them and they will complain about problems they encounter. Scheduled maintenance is a responsibility of the HOA as well and to ensure that no resident would be using the facility during the scheduled maintenance.
The collection of monthly dues is also part of the HOA duties. In addition to that, they have to ensure that the funds are properly used and distributed. They should also try their best to maintain the trust and confidence of the other members. The HOA should provide reporting of the financial activities to the property owners.