Basic Governing Documents of an HOA
wmdouglasgreenville.com
A homeowner’s association is a non-profit organization whose function is to operate and maintain a residential community. Usually, the members of a homeowner’s association appoint a board of directors that governs the HOA and must follow its internal regulations. In this article, experts on HOA management in Greenville SC list the documents that rule these associations.
HOMEOWNER’S ASSOCIATIONS OWN THE COMMON SPACES OF A RESIDENTIAL COMMUNITY. THESE SPACES ARE GREEN AREAS, SWIMMING POOLS, PARKS, AND OTHER PLACES. ALSO, HOMEOWNERS’ ASSOCIATIONS ARE RESPONSIBLE FOR MAINTAINING ALL THE HOMES’ SURROUNDINGS. ON THE OTHER HAND, HOMEOWNERS ARE MEMBERS OF THE ASSOCIATION HEADED BY A BOARD OF DIRECTORS.
Powers of HOAs Although the Associations have a power authorized by the owners through a Board of Directors, these organizations must act according to certain conditions contained in their governing documents.
Bylaws of the Association
The association is a nonprofit organization and it must be governed by a set of rules called Bylaws of the Association. These documents should be created with the assistance of the association’s members and their vote. The Bylaws establish the rights and responsibilities of the Association and procedures for the annual budget. These documents also set the terms for the Board members and the methods to elect them.
Declaration of Covenants, Conditions, and Restrictions (CC & Rs) Declaration of Covenants, Conditions, and Restrictions (CC&Rs) are related to all restrictions or conditions for the owner. In this sense, these documents regulate the use of the property.
Rules and Regulations
In many cases, rules and regulations are part of the CC&Rs. However, homeowners associations can adopt rules and regulations when they need longer and specific provisions. These documents can regulate issues related to the use of parking lots, fences, facades, swimming pools, and other areas.
Thank You!
wmdouglasgreenville.com