Legal entity in which the owners enjoy the protection, enhancement,
maintenance and preservation of their homes and property.
3 Defining characteristics of Community Association.
● Mandatory membership mutually binding documents
● and lean based assessments.
●
Mandatory membership Membership in the Community Association is
mandatory and automatic for all owners.
Mutually binding document.
Sociation governing documents find the owner and the association to
each other through mandated action.
Lien based assessments.
Mandatory lien based assessment maintenance fees are levied on each
owner in order to operate and maintain the Community Association.
Three types of community associations.
● Planned community
● Condominium
● Cooperative
Planned community
the most common type of Community Association owner owns his her lot and
all living united community owns any common area for use and. Benefit of
lot owners.
, condominium
An individual owns
His or her living unit and two and. Undivided interest in the common
elements of the community. Each owner owns a percentage of the common
elements.
Cooperative
An individual owns one’s own stock or membership in the cooperative.
2 .holds a proprietary. Please or occupancy agreements for his her living
units. Another name is stock cooperative.
Proprietary lease or occupancy agreement.
The member or stockholders rights and obligations in relation to the living
unit.
Specialized Community Association.
Master or umbrella association. Mixed-use development. 55 and older
communities
● Master or umbrella association
Consists of more than one residential Community Association.
● Mixed use development
Consists of a mixture of residential and commercial and or industrial
uses. Group together and live work, play
● 55 and older communities.
Must have one person who is 55 years of age or older living in.atleast
80% of its occupied units
Sources of legal obligation.
One federal, state and local statutes, regulations, and case law.
Two legal documents. Unique to the Community Association that find
the association and owners.
3 Lender requirements
Standard, said professional bodies.
Federal laws.
● EEOC