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Homeowner Association (HOA)

Homeowner Association (HOA)

What is Homeowner Associations (HOA)?

Homeowner Associations are self-governing committees that plan for and enforce rules for a community. Residents of condos and other communities commonly come together to make rules and guidelines that mutually benefit all residents of the building.

There are usually mandatory membership fees for a HOA as well as fines for noncompliance. HOAs can pay for shared community maintenance (eg. parking lots, landscaping) but may have high costs that make uneconomical to invest in.

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