Why You Need to Know HOA Rules
Before we get into the details of why it's important to learn about HOA rules, you need first to understand what an HOA is, why it's established for a condo, lofts, and townhouse complexes, and what type of rules it lays on owners. What is HOA? HOA stands for Home Owners' Association. The owners of all units in a condo building or townhouse complex form this association. It is a legally recognized entity that establishes legal guidelines that members whose interests it represents must follow. The most important thing to understand about HOAs is that they have the power to enforce their own rules, which are binding over and above what is set by the City ordinances. Being an HOA Member As the owner of a condominium unit, loft condo, or townhouse unit in a complex, you become a member of the HOA and must pay HOA maintenance fees on a regular basis. Why is HOA established? It is critical for a building with many apartments, each owned by a different individual, to have an orga...