Common Homeowners Association Terms ...
1. What is a Homeowner Association?
It is a non-profit corporation registered with the State and managed by a duly elected Board of Directors. It's purpose is to maintain all common areas and to govern the community in accordance with the provision of the legal documents: Declaration of Covenants, Conditions and Restrictions, Bylaws, and the Articles of Incorporation. The corporation is financially supported by all members of the homeowners association. Membership is both automatic and mandatory.
2. What is a Board of Directors?
The Board of Directors is a governing body that is required to oversee Association business, and is elected by the homeowners, or as otherwise specified in the bylaws. The limitations and restrictions of powers of the board is outlined in the Association governing documents.
3. What does the Board do?
The Board is responsible for the management of the Association's funds, the enforcement of the deed restrictions, and the maintenance of the common area property.
4. What are deed restrictions?
It is part of the Declaration of Covenants, Conditions and Restrictions that you agreed to when you bought your home. Through this document, you agreed to certain standards of maintenance, upkeep and behavior in order to make the community as attractive as possible for yourself and your neighbors, and to maintain or enhance your property values.
5. What are the CC&Rs?
The Covenants, Conditions and Restrictions (CC&Rs) are the governing legal documents that set up the guidelines for the operation of the planned community as a non-profit corporation. The Covenants were recorded by the County recorder's office in which the property is located. Failure to abide by the CC&Rs may result in a fine or court action against the homeowner by the Association.
6. What are the Bylaws?
The Bylaws are the guidelines for the operation of the non-profit corporation. The Bylaws define the duties of the various offices of the Board of Directors, the terms of the Directors, the membership voting rights, required meetings and notices of meetings, and the principle office of the Associaiton, as well as other specific items necessary to run the Association as a business.
7. What are Rules and Regulations?
The governing documents provide the Board of Directors the authority to adopt and enforce rules in specific areas. The Rules and Regulations are valid and enforceable steps, procedures, acts, or prohibitions a person is expected to follow as they relate to the operation and purpose to the community. They may include specific rules as to pets, vehicles and parking, architectural control, satellite placement, holiday decorations, rental requirements, association dues late fees, and outline the fine criteria for any violations.
8. Why do I pay Association fees?
All owners are required to pay Association fees by the governing documents of their Association. They fund the operation and maintenance of the common property and are used to provide services for the benefit of all owners. They may also provide funds for improvements desired by the Association, and Capital Improvement funding for future replacement needs.
9. What is the importance of a "managing agent?"
A Managing Agent is a person or company that is engaged by the Board of Directors. The Managing Agent attends to the day-to-day operation of the Association and implements the policies and decisions as determined by the Board of Directors.
Association Management Services acts as the point-of-contact to oversee the day-to-day operations of the homeowner's association by providing financial services, clearer communication channels, policy developement and asset protection.
Our managers are trained and well equipped to devote the necessary amount of time and effort required for effective association management. Attention to detail and a willingness to do whatever is necessary are two earmarks of the AMS team!