- An elected group that governs a subdivision or planned community. The association collects fees from the home owners to maintain common areas and enforce covenants, conditions, and restrictions set by the developer and the association.
Homeowners' Association, Homeowners' Assoc., Homeowner's Association, Homeowner's Assoc.
Related Terms and Acronyms
- Condominium Fees — Definition,
- Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
- Maintenance Fee — Definition,
- A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
- Proprietor — Definition,
- The owner of a business or property.
- Replacement Reserve Fund — Definition,
- Money that is set aside by a homeowners association or condominium board to replace common property, such as playground equipment.