A Homeowner Association (HOA) is a private corporation that functions as the governing body of the community and is initially formed by real estate developers when the community is being designed, developed and sold. As the governing body of the community the HOA assumes financial and legal responsibility for the community as well as retains all voting and governance rights until a given number of units are sold within the community and thus all Association ownership and responsibilities are turned over to the homeowners.
HOA's may include single family homes, town homes, and/or condominiums. Ultimately, the primary purpose of an HOA is to maintain the property values of the community. It accomplishes this through the development and enforcement of its covenants and bylaws, the rules that determine what actions individual homeowners may, or may not, take with their property or within the community at large. All homeowners in the development become members of the HOA as a mandatory consequence of purchasing a property within the community.
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Aspen Property Management
14 South Main Street
North East, Maryland 21901
Phone: (410) 620-2598 | Fax: (443) 303-8890