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Homeowner Associations
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Since 1964, homeowner associations have become increasingly common in the USA. The district Associations Institute trade association anticipated that HOAs governed 23 million American homes and 57 million residents in 2006. Homeowner associations can present different problems. Contact a Real Estate Lawyer to have all of your homeowner associations questions answered. Associations can oblige homeowners to pay a share, typically per-unit or based on square footage, of common expenses. These expenses generally arise from common property, which varies radically depending on the sort of association. Some associations are, quite literally, towns, whole with private roads, services, utilities, amenities, community buildings, pools, and even schools. Others have no common property, but may charge for services or other matters determined to be in the finest interests of the association. For instance, an association can bring lawful challenges adjacent to other entities as determined by the board of directors, or membership vote if the governing documents so require.
Increasingly, homeowner associations handle large amounts of money. Homeowners often do not pay attention to the business of their association. Embezzlement from associations has occurred, as a result of inattention and dishonest board members or property managers. This has been a difficult problem, and losses can (and have) been in the millions of dollars. See Also: Homeowner associations can present different problems. Contact a Real Estate Lawyer to have all of your homeowner associations questions answered.
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