It’s the board of directors’ job to enact and enforce the rules that, in view of the majority, will make living in the project a pleasant and profitable experience. But here’s the rub, and it’s an important consideration before you think about buying a condo or townhouse: If you don’t take part in HOA politics, the board may enact rules you don’t like.
Electing responsible officers is critical to your condo experience and your pocketbook. Even if the HOA hires a professional firm to handle day-to-day management, you and your neighbors are still ultimately responsible for your community’s quality of living and financial management.
In reality, HOA politics are a microcosm of American politics. If you don’t like certain rules, find enough fellow owners who agree with you and run for the board next time the elections come around. You can change or add rules by majority vote.
The number of directors and their terms of office and duties are found in the association’s declarations, articles, or bylaws. Most boards have three to five directors—usually an odd number to avoid voting deadlocks. Terms of office are usually for one to three years, but if there are five or more members, the terms are often staggered.
Know Your HOA: Because HOAs are so important to your enjoyment of condominium living, make sure your agent goes over the rules and regulations, financial statements, and the last three or four months of board minutes with you before you commit. Also, make sure there are no long-term payments on assessed fees that you get stuck for. For example, a prior assessment for siding and roofing upgrades the current owner is paying off at $160 a month.
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