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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Homeowners' Association

Homeowners' Association
is a registered company. 		✓

Synonyms:owners group
Acronyms &
abbreviations:		HOA
Filed Under: real-estate
Tags: realty
 
Narrowly associated with: [Homeowner Association]

Definition of Homeowners' Association (HOA)

Homeowners' Association (HOA)
1. 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.

Related Terms and Acronyms:

  • condominium fees   Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
  • maintenance fee   A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
  • proprietor   The owner of a business or property.
  • replacement reserve fund   Money that is set aside by a homeowners association or condominium board to replace common property, such as playground equipment.

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