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
What Is a Real Estate Bubble? One definition for a real estate bubble is the fast increase in prices, usually driven by investors and speculators in major urban areas. Properties are ...
The accelerated depreciation definition is a type of depreciation that makes it possible for a homeowner or real estate investor to depreciate their property faster than the straight-line ...
Opening so that air or gas may enter or leave. For example, an air conditioner has a "vent open" or "vent closed" knob for outside air. The "vent close" switch must be on for air ...
City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are ...
Agreement between two or more individuals whereby each party agrees to do or not to do some act. The parties have reciprocal obligations of performance or actions. ...
Provision in a written agreement that depends on the occurrence of something else. ...
Angle from north or south of a property. When a real estate appraiser does surveying, it is looked at clockwise from north. It may assist in determining the form or boundaries of land. ...
One who receives real property under a will. ...
Having the intellect to comprehend the terms and conditions of a will and their impact. A testator must understand his or her estate and its eventual disposition and effects in order to ...
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.