|

The ins and outs of property associations

SHELDON PALEY
Contributing Columnist
paley@lbknews.com

What exactly are COA’s and HOA’s and how are they different?

Both HOA’s and COA’s operate as not for profit corporations and are intended to provide governance and service to owners in the association. Condominium Owners’ Associations (COA) usually govern villas, townhouses or apartment-like units housed in one or more buildings in adjacent spaces. This includes facilities and grounds referred to as “common elements.” These common elements may include shared recreational facilities, a club house, access to lakefront, beachfront, and dock facilities. Condos must comply with extensive rules set forth in Florida Statute 718. These are fairly detailed requirements that every Florida condo must meet. The statutes are amended annually and are intended to protect both the Association and individual owners in what is basically a co-operative living arrangement.

In addition, each condominium has developed its own set of rules and regulations in an attempt to provide harmonious community living standards. Responsibilities of owners and the Association are clearly defined by both Statute and individual Association Declarations and By-Laws.

Home Owners’ Associations (HOA) govern detached single family homes in a sub-division of contiguous homes or in a gated community.  They can also be the governing entity for mobile home parks. This arrangement is a much looser confederation of rules and regulations depending on the community. Florida Statute 720 does, however, provide the basic requirements for the conduct of these associations—again in an effort to protect both owners and the common association. Each association will also have its own set of rules and regulations governing ownership in the community and are often called deed restrictions.  HOA’s provide varying levels of service for their communities and also varying recreational amenities.

If you, as a buyer, are interested in a home governed by a condo or home owners association, it is important that your Realtor has in depth knowledge of the community to help you determine if your lifestyle and the community are a good match. Again, some Associations have few regulations and others are quite prolific and detailed. Buyer access to association documents is required by law before purchase.

Next week we will look at fees, assessments, services and restrictions that may be part of the COA or HOA lifestyle.

 

Sheldon Paley, a resident of Longboat Key for 20 years and a realtor for 13 years, is affiliated with Premier Sotheby’s International Realty. Prior to moving to Longboat Key, Paley attended Ohio State University; U of Pennsylvania School of Dentistry and Harvard Medical School for 18 months for a degree in Implantation.

 


Sheldon Paley, a resident of Longboat Key for 20 years and a realtor for 13 years, is affiliated with Premier Sotheby’s International Realty. Prior to moving to Longboat Key, Paley attended Ohio State University; U of Pennsylvania School of Dentistry and Harvard Medical School for 18 months for a degree in Implantation.

 

 


 




 

Tags: , , , , , , ,

Longboat Key News

1 Response for “The ins and outs of property associations”

  1. Mike says:

    Great information on the difference between HOAs and COAs going to share this.

Leave a Reply