Real Estate Term of the Day: Homeowners’ Association (HOA)
HOMEOWNERS’ ASSOCIATION (HOA) – an organization of the homeowners in a particular subdivision, planned unit development, or condominium; generally for the purpose of enforcing deed restrictions or managing the common elements of the development (Barron’s Dictionary of Real Estate Terms)
According to the Colorado Department of Regulatory Agencies’ website: The HOA Information and Resource Center aka The Center was created in 2010 in response to growing concern regarding homeowners’ associations (HOAs). The Center is managed by the Division of Real Estate (DRE), a division of the Department of Regulatory Agencies (DORA).
The Center collects information from HOAs via registration and from the inquires and complaints received. The Center also provides information to homeowners, HOA boards, declarants and other interested parties about the rights and responsibilities of HOAs set forth in the Colorado Common Interest Ownership Act (CCIOA) and other applicable state laws.
See also: COMMUNITY ASSOCIATION