All community associations have three things in common:
- Membership is mandatory. Buying a home in a community association automatically makes you an association member—by law.
- Governing documents are binding. Association governing documents can be compared to contracts. They specify the owners’ obligations like following the rules and paying assessments and the association’s obligations, including maintaining common areas and preserving home values.
- Assessments must be paid. A homeowner could lose his or her home if they fail to pay assessments. Associations have a legal right to place a lien on the property if a homeowner doesn’t pay. Read the article…………….