Homeowners association

An organization in a subdivision, planned community or condominium that makes and enforces rules for the properties. HOAs also collect dues to pay for upkeep of common areas and can levy special assessments on homeowners when the association lacks sufficient reserves to pay for unexpected repairs.

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What You Should Keep In Mind When Buying a Condo

If you're in the market for a condo, picking a unit that will be easy to resell down the road is a critical consideration. You need to consider the location, layout and amenities that will appeal to potential buyers when you're ready to move on.