Property Owner Association Agreement


Definition of "Property owner association agreement"

Toby  Davis real estate agent
Toby Davis, Real Estate Agent RE/MAX Executives

A written contract of a group of property owners, typically condominium owners, describing their joint ownership obligations and rights. The association agreement usually allows members to approve new owners before a sale, and gives the right to charge each resident for agreed upon building operating expenses.

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Comments for Property Owner Association Agreement


SUE DEBOER SUE DEBOER said:

WHAT IS THE PROPER DESIGNATION FOR A COMMERCIAL DEVELOPMENT

Nov 07, 2019  06:58:27

 
Real Estate Agent

Hi Sue! 

I'm going to need a bit more info. What is the scope and scale of the development? What service or services does it provide? 

Nov 12, 2019  12:28:33
 
Sue Deboer Sue Deboer said:

Does a commercial association need to be incorporated?

Nov 07, 2019  06:57:04

 
Real Estate Agent

Hi Sue! 

To answer your question, no, there are no laws obligating you to incorporate your commercial association. However, doing so is highly advisable, as incorporation separates your personal assets from those of the association and provides you with some protection you from lawsuits and other legal inquiries. 

Nov 12, 2019  12:18:47
 

 

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