Understanding HOA & Condo Association Law
What is a
homeowners association (HOA) is comprised of all unit owners in a common-interest community. Under
Colorado law, an HOA must be organized as a corporation, nonprofit corporation,
corporation not for profit, or a limited liability company. An HOA can
manage, market, and sell homes in their residential subdivision.
HOA's are incorporated by the property developer before the initial home sale. Read
Colorado Revised Statutes (law) on how HOA's are supposed to be managed here.
HOA's Are Created
The property developer creates an HOA by recording a declaration where
the land is located. Oftentimes, the developer maintains heavy control
HOA organization because they know everything about the community, and has a vested interest
in maximizing the property value of the community. Later, the developer
forfeits most, if not all control of the HOA after selling a percentage
or number of units/lots. At this point, the community of owners assume
the roles of
HOA managers on an executive
board of directors. Read
Colorado Revised Statutes (law) on how HOA's are created here.
What It Means To Be a
homeowner, you are almost always required to become a
member of your HOA. This means you will probably contribute through association dues and
assessments that ultimately pay for common elements, common areas, property
management, landscaping services, and more.
HOA Bylaws and Rules and Regulations contain information on restrictions for home maintenance, alteration, aesthetics,
upkeep, pets, noise, etc. As a homeowner, you have the right to vote on
HOA’s affairs; renters must direct issues to their landlords. Delinquent
homeowners are can be prohibited to vote on HOA affairs. See
Colorado Revised Statutes (law) on general HOA law here.
Get all the information you need to secure a positive resolution in your case.
Contact our firm today and get in touch with a knowledgeable HOA lawyer in Centennial!