Homeowners’ associations (HOAs) are common nationwide, but few states can claim more of these communities than Florida. The Sunshine State has almost 10 million people living in condos and homes within HOA communities.
People often choose these communities to take advantage of the benefits of living in an HOA. Many owners appreciate the fact that the overall appearance of the community is generally uniform or within certain guidelines and the neighborhood often comes with access to certain amenities like tennis courts, golf course access, and pools.
But with every real estate relationship, there are both benefits and risks. Two specific risks that come with HOAs to consider before purchasing in one of these communities include the following.
#1: The rules can change.
The governing board of the HOA can change the rules. The board must often follow specific guidelines before they can make changes. It is a good idea to review the board’s governing documents to understand the community’s current rules and the potential for future change before deciding to purchase a property within the community.
#2: A violation can impact the property’s title.
Those who do not abide by the rules of the HOA can face more than just a biting reprimand or fine. They could find themselves facing threats of a lien on their property. If the HOA is successful with this attempt, it can make it difficult to sell the property. This is because the lien attaches to the property’s title, making it difficult to transfer the title to a future owner.
Homeowners that find themselves navigating an HOA issue have options. Real estate laws are present to protect homeowners and HOAs must abide by certain rules and regulations. Whether dealing with a problem with a property’s title or other issues, it is often helpful to seek legal counsel to help navigate complicated HOA disputes.