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HOA Documents

Your homeowners association has three types of governing documents: Covenants, Conditions & Restrictions (called “CC&Rs”), Rules & Regulations, and Bylaws. It’s important that you know what rules you’ve singed up to follow for before you actually sign on the dotted line. Unfortunately, too many homeowners shy away from fully reviewing HOA documents because of intimidating legal and industry jargon. This usually results in new owners becoming disgruntled or in an ongoing conflict with the board. Fear not! With a few tips and explanations, you can be well on your way to understanding HOA documents and the knowing the most important elements to look out for.

BILAWS

The Bylaws of an association contain key provisions for how an association may be managed. These rules and regulations may include procedures for electing and appointing board members and officers, the protocols for the board and member meetings, terms of office, voting methods, and standards for amendments to the community’s governing documents.

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Financial Documents

Taking a look at the budgetary history and financial documents can give you a good idea of how much and how often you’ll need to pay your dues, and whether hefty increases in HOA fees may be in your future. This can help eliminate some unpleasant financial surprises that a lot of new and uniformed owners encounter. Reviewing the financial documents of the association can also give you a good idea of how organized and financially sound it is. Does the association collect enough to meet the budget and maintain a healthy reserve fund, or is it essentially just scraping by? This could tell you whether or not you may be obligated to help fund emergency projects in the future in addition to your scheduled HOA dues. Also keeping track of how your dues are being used always provides a place of comfort and trust between you and your HOA.

Financial Statement & Balance

The balance sheets of an HOA offer the quickest and easiest snapshot of your HOA finances. It lists down your organization's assets and liabilities based on the HOA general ledger. Check your balance sheet to get a feel for the financial strength of your community association.

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Common Areas

A common area is the area which is available for use by more than one person..." The common areas are those that are available for common use by all residents, (or) groups of residents and their guests.

Incident Report

An incident report is a tool that documents any event that may or may not have caused injuries to a person or damage to a company asset. It is used to capture injuries and accidents, near misses, property and equipment damage, health and safety issues, security breaches and misconducts in the community.

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Meeting Minutes

While these might seem like the least pertinent documents to review, they’re actually pretty important. Meeting minutes can provide insight into how well the association is run (look out for consistent conflicts or arguments between owners or board members) and can also give you a heads up about any upcoming special assessments that you may be obligated to pay for as a new owner.

October 2055 Minutes

Law requires that HOA boards take meeting minutes during board meetings. But, it is also important for the board’s process and sanity to keep everything documented. For instance, meeting minutes are helpful when board members debate and come to a misunderstanding about a particular topic. Members can refer back to the minutes to recall what was actually said. This way the facts are always out on the table. The “art” of taking minutes is something all board members should be knowledgeable about. So, here are a few tips to mastering HOA meeting minutes, template included.

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Agreements & Contracts

An agreement is a document used between a landlord and tenant for the use of property in exchange for payment. The responsibilities of utilities and services to the property are negotiated between the parties and outlined in the agreement.

Rental Application

A rental application is a form that provides the information necessary for a landlord or property owner to determine a tenant’s creditworthiness and their ability to pay their rent reliably.

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Roommate Agreement

A Roommate Agreement is a contract made between the residents of a rental unit. The agreement outlines the terms, conditions and responsibilities agreed to by each of the residents. Roommate Agreements are sometimes referred to as Roommate Contracts.

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