Homeowners Association (HOA)
An organization in a community or condominium complex that makes and enforces rules the residents. Anyone who purchases property within one of these communities or complex’s automatically becomes member, and may be required to pay dues, known as “HOA fees.”
- Example : Bob purchases a condominium in a 55 yr. and over retirement community. Bob is automatically a member of the HOA and must follow the rules regarding upkeep of his premises. Additionally, Bob now pays $250 every month in HOA fees.
