Can't find the answer you're looking for? Ask your question here and we'll post it in our blog.
Homeowners' associations (HOAs) have the right to impose special assessments and HOA fees
on each member of the association to pay for the HOA's operations and
maintenance expenses. Assessments can be regular or special, depending
on the purpose for which they are made. Assessments are calculated,
collected and enforced in the manner required by law and as provided by
the HOA's governing documents.
Regular assessments are made to defray expenses related to
the ownership, operation, or furnishing of common interests or to the
enjoyment of mutual and reciprocal rights of use. For instance, the
revenue generated by regular assessments can be used for the repair and
maintenance of common property, such as lobbies, community centers,
common roofs, parking lots and garages.
Special assessments are made for capital improvements or for
other purposes, such as replenishing a reserve condo fund that was spent on
unexpected maintenance projects.
The governing documents of the development, such as the declaration of
covenants, conditions and restrictions (declaration or CC&Rs) and the condo bylaws, should describe the assessment process, including how much the assessments can be increased a
Assessments are made according to the schedule indicated in the HOA's bylaws or CC&Rs. The HOA must send or deliver notices of each homeowner's assessment amount to the homeowner. The homeowner then has a specified number of days in which to pay the assessment amount.
Learn About Condo Association Insurance, HOA Loans, or Property Managers
Tags: Condo Fees, Assessments, Bylaw
Allowed tags: <a> link, <b> bold, <i> italics
© 2015 CondoAssociation.com