Homeowners association (HOA)
The organization that runs a condo, townhouse, or planned community. It collects dues, maintains common areas, and enforces rules that owners must follow.
Also called: HOA, POA, HOA dues, homeowners association fees
Related terms
An extra charge from an HOA or local government to pay for a big project like a new roof or road. Buyers should ask whether one is planned before closing.
A home where you own your unit and share ownership of common areas like halls, roofs, and grounds. An HOA manages the building, and monthly dues cover shared costs.
A community where you own your home and its lot, plus a share of common areas run by an HOA. Lenders treat PUDs differently from condos.
A signed statement from a tenant confirming lease terms, rent, deposit and whether either side is in default. Buyers and lenders require them so a tenant cannot later claim different terms.
A legal claim against a property that secures a debt, such as a mortgage, unpaid taxes or contractor bills. Liens generally must be paid off or released before the property can be sold with clear title.