Home Owners Association 720

What is a Homeowners Association?

A homeowners association (HOA) is an organization established to manage and maintain the common areas and enforce community rules in a residential development. When you buy a home in an HOA community, you automatically become a member and agree to abide by its rules and regulations.

How Do HOAs Operate? – Florida Statute 720

HOAs in Florida are governed by Florida Statute 720, which outlines their creation, management, and operation. An HOA is typically created by a developer through a Declaration of Covenants, Conditions, and Restrictions (CC&Rs) filed with the county. This document establishes the HOA and its governing rules. HOAs are managed by a board of directors elected by the members. The board is responsible for making decisions on behalf of the association, including financial management, rule enforcement, and maintenance of common areas. All homeowners within the community are automatically members of the HOA and have voting rights on major decisions, such as electing board members and approving budgets. HOAs operate based on their governing documents, which include the CC&Rs, bylaws, and articles of incorporation. These documents define the association’s structure, powers, and member obligations. The HOA has the authority to levy assessments (fees) on homeowners to fund the maintenance of common areas, community amenities, and other operational costs. These assessments are mandatory and enforceable. The board has the power to enforce community rules and regulations as outlined in the governing documents. This includes issuing fines for violations and taking legal action if necessary. Florida Statute 720 requires HOAs to hold regular board meetings that are open to members. The statute also mandates transparency in HOA operations, including access to financial records and meeting minutes.

HOAs, condos, and co-ops are distinct types of community living arrangements. In an HOA, homeowners own their individual homes and the land they are built on, sharing ownership of common areas through the association. HOAs are primarily governed by Florida Statute 720. The HOA manages and maintains common areas, enforces community rules, and collects assessments to fund these activities.

Why are HOAs Important?

HOAs play a crucial role in preserving the quality and appeal of a neighborhood. By maintaining common areas, enforcing community standards, and providing essential services, HOAs help protect property values and enhance the overall living experience for residents.

Advantages of Living in an HOA Community

Living in an HOA community offers numerous advantages. HOAs ensure that common areas and individual properties are well-maintained, creating a pleasant and visually appealing neighborhood. By enforcing community standards and maintaining high-quality amenities, HOAs help protect and potentially increase property values over time. Many HOA communities offer amenities such as swimming pools, fitness centers, clubhouses, and recreational areas that might be cost-prohibitive for individual homeowners to maintain on their own. HOAs often organize events and activities that bring residents together, fostering a strong sense of community and belonging. With the support of professional property management companies like Florida 360, HOAs benefit from expert guidance in financial management, maintenance, legal matters, and more. HOAs maintain the community’s appearance through architectural guidelines and landscaping standards, ensuring a uniform and attractive look throughout the neighborhood.