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M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100% community association legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of their homes & property community association ha$8.99
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M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100% community association legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of their homes & property community association ha
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M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION
Institution
M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION
M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100%
community association
legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of their homes & property
community association has 3 defining characteristics
Membershi...
M-100 THE ESSENTIALS OF COMMUNITY
ASSOCIATION MANAGEMENT WITH COMPLETE
SOLUTIONS 100%
community association
legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of
their homes & property
community association has 3 defining characteristics
Membership in the community is mandatory & automatic for all owners; certain association docs bind
the owner & the association to each other through mandated actions; mandatory lien-based
assessments (maintenance fees) are levied on each owner in order to operate & maintain the
community assocation
lien
legal claim by one party (community association) on the property of another (delinquent owner) to
obtain the payment of a debt or the satisfaction of an obligation.
What does the lien do?
Placing a lien on an owner's property protects the community association's interests. It encourages
payment of the debt. Consequence of lien is the owner cant sell or transfer the unit without settling
the debt.
Purpose of a community assocation
to provide for the community, business, & governance aspects of the association. This is achieved by
administering, maintaining, & enhancing a residential real estate development, and through the
establishment of a system of property rights, binding covenants & restrictions, & rules & regulations.
3 basic types of residential community associations (1)
Planned community; owner owns his unit ; community owns any common areas such as tennis courts,
for the use & benefit of the lot owners
second type
Condominium; owner owns his living unit & an undivided interest in the common elements of the
community. Each owner owns a % of the common elements, which consist of everything except the
living units.
third type
Cooperative; person owns stock or membership; holds a proprietary lease or occupancy agreement
for his living unit
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