As an apartment owner, you automatically become a member of the Homeowners’ Association (HOA). But what does that mean, and how are important decisions about the building made? Understanding the HOA’s decision-making process is key to protecting your investment. How are decisions made? Decisions are made during HOA meetings, where owners vote on matters such…
HOAs make numerous decisions, such as those about maintenance, cost-sharing, or building changes. But what if a decision is unfair or violates the rules? This is where the distinction between null and voidable decisions becomes important. What is a null decision? A null decision is legally invalid from the moment it’s made. This occurs when:…
A well-functioning Homeowners’ Association (HOA) should have a long-term maintenance plan (LTMP). However, it’s not uncommon to encounter HOAs operating without one. What does this mean for buyers, sellers, and agents? What is an LTMP? An LTMP outlines the HOA’s maintenance plans for shared areas like roofs, façades, and elevators over the next 10 years….
A Homeowners’ Association (HOA) plays a vital role in maintaining and managing an apartment complex. But what happens when the HOA is poorly managed? This can significantly affect an apartment’s value. What Is a Poorly Functioning HOA? An HOA is poorly managed if: Effects on Value How Can Agents Address This? Practical Tip A poorly…
When you buy an apartment, you’re not just purchasing your unit—you’re also joining the Homeowners’ Association (HOA). The HOA manages shared spaces like roofs, staircases, and facades. What does an HOA do? Why does it matter for agents? As an agent, it’s vital to check whether the HOA is active and well-run. A poorly managed…
