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.
Popular Real Estate Terms
Right to substantive real or personal property having tangible body and form. For example, a corporeal right to a house, property, furniture, or fixtures. ...
To have a debt is to owe someone something. A debt may be a service, may be money or goods. May even be of gratitude. In the finance world, however, it usually is a way that institutions ...
Insurance protection for the replacement cost of damaged property. Thus, the accumulated depreciation is not subtracted in determining the amount of reimbursement. ...
The term apartment is used when referring to a type of residential unit that is self-contained and occupies only a part of the building. Through self-contained, we understand that the ...
lender who charges an exorbitant interest rate, which is typically illegal because it exceeds the interest rate allowed in the state. A borrower may go to a loan shark if he cannot obtain ...
Lien which is over and above a first lien. A second lien is subordinate to the first lien and can be satisfied only after the initial lien is satisfied. ...
Functional utility in real estate typically defines a property’s usefulness to the homeowner or lessee. The more purposes it can fulfill, the better. For instance, you can call a ...
Litigation undertaken to obtain or maintain possession of real property. ...
Municipal ordinance stating the distance from a curb or property line where the building of a structure is prohibited. Also states the distances from a boundary line where construction is ...
Comments for Property Owner Association Agreement
WHAT IS THE PROPER DESIGNATION FOR A COMMERCIAL DEVELOPMENT
Nov 07, 2019 06:58:27Hi 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 12:28:33Does a commercial association need to be incorporated?
Nov 07, 2019 06:57:04Hi 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 12:18:47Have a question or comment?
We're here to help.