Property Owner Association Agreement

Definition of "Property owner association agreement"

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.

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
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Are you planning on buying a house? If you are, you’re going to love the Buyer's Market definition. But if you are a home seller, you will wish that term never comes up again in your ...

When an owner of real estate dies interstate, having no enforceable will, the property descends, by operation of law, to the owner's inheritors. ...

Commonly, a covenant refers to a legal treaty or agreement between various parties. Explicitly, a stipulation comes into existence and is signed to confine particular financial transactions ...

Used when determining the worth of an annuity that reinvests the amount of recaptured investment at a risk-free interest rate. ...

An estate constrained from some heirs and dedicated to others on the basis of a certain condition. ...

Combination of insurance policies on property with each providing an additional increment of coverage exceeding the limits of the preceding policy. For example, policy A adds $70,000, then ...

Supplementary narrow pathway, such as to a building. ...

Real estate market where supply significantly exceeds demand enabling potential buyers to obtain lower prices and good deals. ...

Glass containing wire support to make it stronger. There is less chance of glass being broken into pieces and hurting people. ...

Popular Real Estate Questions