Huntsville AL Real Estate Glossary: What is a Homeowners' Association?
When you buy a Huntsville AL real estate in a subdivision, co-op or planned unit development, you may be subject to a host of rules and regulations as established by the Homeowners' Association (HOA) governing that development. You've most likely heard of HOAs, but you may not know exactly how they operate and how they can impact you and your Huntsville AL real estate. In this article, you'll get information on some of the broader issues that you should be aware of when moving into a community governed by an HOA.
What is a Homeowners' Association?
It is a corporation formed by real estate developers to market, manage and sell homes and lots within a development.
Does the Huntsville AL real estate developer retain control of the HOA forever? No. After a predetermined number of homes or lots are sold, the control is turned over, first, to a handpicked group of homeowners. Later in the process, elections are held once a year within the development to choose board members.
Can anyone be a board member?
As long as you're a property owner in the development governed by the HOA, you can campaign for the position. Elections are held once a year. It is not a paid position; board members volunteer their time.
What is the primary function of the HOA?
The primary function of an HOA is to maintain the rules and restrictions that were put in place by the developers and to maintain the community's common areas.
Common areas include streets, parking lots, parks or green areas, pools and buildings used by the owners like a clubhouse or fitness center. If your Huntsville AL real estate is an attached condo unit, this would include the exterior of your unit as well.
Can I elect not to join the HOA?
No, HOA membership is written into the covenants, conditions and restrictions (CC&Rs) when the development is formed. No matter how many times the property changes ownership, the HOA requirements remain with it.
You're also required to pay HOA fees, which are used to maintain the common areas. If you do not stay current on the fees, the HOA can put an assessment lien on your Huntsville AL real estate.
Before buying into a development with an HOA, read and understand the CC&Rs. Also, take the time to talk with some of the other homeowners in the development to find out how they feel about their HOA.
If you're interested in buying Huntsville AL real estate, with or without an HOA, I can help. Please give me a call Direct 256-508-0211, Toll Free 800-803-0053 or email me at mike@movetohuntsville.com.
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Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special. In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville.
Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future - Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family's move.