A Homeowners Association (HOA) is a legal entity created by a real estate developer or group of property owners to manage and maintain a community of homes or condominiums. In Idaho, HOAs are governed by state laws and the community's governing documents, which include the declaration of covenants, conditions, and restrictions (CC&Rs) and the bylaws.
The purpose of an HOA is to ensure the common areas, amenities, and property values of the community are maintained and preserved. This can include tasks such as landscaping, snow removal, and maintaining community pools and other shared spaces. The HOA also enforces community rules and regulations, such as parking and exterior appearance guidelines.
HOAs are typically run by a board of directors, elected by the community's property owners. The board is responsible for making decisions on behalf of the community and managing the HOA's finances. The board may hire a property management company to assist with day-to-day operations.
In Idaho, HOA's have the power to assess and collect fees from property owners to cover the costs of running the community. These fees can vary depending on the size and amenities of the community, and may include monthly or annual assessments.
It's important to note that when you purchase a property in a community governed by an HOA, you are also automatically becoming a member of the association and are bound by the community's governing documents and rules. Before purchasing a property in an HOA-governed community, it's important to review the CC&Rs and bylaws, and to understand the financial obligations of being a member of the association.
HOAs also have the power to enforce rules and regulations through fines and penalties, and may even have the authority to place a lien on a property for unpaid assessments or fines.
It's important for homeowners in an HOA to be aware of their rights and responsibilities. Idaho state law provides certain rights and protections for homeowners in an HOA, including the right to access and review the association's financial records, the right to vote on important community matters, and the right to attend and speak at meetings of the board of directors.
To restate, a Homeowners Association (HOA) is a legal entity created by a real estate developer or group of property owners to manage and maintain a community of homes or condominiums in Idaho. It is governed by state laws and the community's governing documents, which include the declaration of covenants, conditions, and restrictions (CC&Rs) and the bylaws. The HOA is responsible for maintaining the common areas, amenities and property values of the community, enforcing community rules and regulations, and is run by a board of directors elected by the property owners. As a member of the HOA, homeowners are bound by the community's governing documents and rules, and are responsible for paying assessment fees to cover the costs of running the community. Idaho state law provides certain rights and protections for homeowners in an HOA.