real estate

What is a homeowners association?

 

What is a homeowners association?

The Bankrate.com financial term of the day is: "Homeowners Association" or "HOA"

If your neighbor wanted to paint his house in pink neon with clashing orange trim or keep a trash pile on his front lawn or let his mother-in-law live in a mobile home parked in his driveway, what would stop him? Well, if you have one, the homeowners association, or HOA, would. An HOA is an elected group that enforces the rules for a development, including covenants, conditions and restrictions. It also collects fees to maintain common areas and amenities, such as parking lots and any swimming pool.

A homeowners association, or HOA, lays down the law in a subdivision or planned community.

To shop for the perfect home loan, visit the Mortgages section at Bankrate.com.

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