Homeowners' Associations
Homeowners' associations are typically created by real estate developers in order to better manage, expand, and sell a specific development of homes. Once a set number of lots are sold, ownership of the association generally transfers to the homeowners. The majority of these organizations are incorporated, meaning that they fall under state statutes that regulate non-profit corporations.
Because the laws governing homeowners' associations vary greatly from state to state, it can be difficult to get a good grasp of the creation process and what factors should be given the most attention. The experienced Austin real estate lawyers of Slater Kennon & Jameson, LLP can help guide you through the process. Contact us today at 512-472-2431 for more information.
The Role of HOAs
Some of the actions performed by Homeowners' Associations would otherwise be carried out by local governments. Others are unique to particular associations. An incorporated association can:
- Provide services
- Regulate activities
- Issue fines
- Assess properties
- Create communities
Though HOAs are often the subject of criticism, they also provide residents with unique opportunities and can greatly increase the quality of life in a housing development.
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Homeowners' associations present the ability for real estate developers to create dynamic and unique communities, but as is the case with most business endeavors, their creation must be handled with care. The experienced Austin business lawyers of Slater Kennon & Jameson, LLP will protect your rights and help your investment get off on the right foot. Contact us today at 512-472-2431 to learn how we can help you.