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AviMDalvi   01 March 2019

Owners association meaning/stand ?

What does owners association mean/stand for when attached to a residential building's address ? Is it covered under co op soc act/law ?


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 1 Replies

Sharma Twinkle Manojkumar (Student)     16 March 2019

A Home Owners Association (HOA) is an organization of homeowners of a particular subdivision, condominium or planned unit development. The purpose of a home owners association is to provide a common basis for preserving maintaining and enhancing their homes and property. Most homeowners' associations are non-profit corporations. They are subject to state statutes that govern non-profit corporations and homeowner associations. The associations provide services, regulate activities, levy assessments, and impose fines. Usually, each member of a homeowners association pays assessments. Those assessments or dues are used to pay for expenses that arise from having and maintaining common property.


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