Assessment

A fee charged to unit owners by the HOA, either as a regular monthly/annual due or a one-time special charge to cover unexpected expenses.

Association Bylaws

The internal rules governing how the HOA operates — how meetings are run, how the board is elected, voting procedures, and officer responsibilities.

Board of Directors

Elected homeowners who govern the condo association, make financial decisions, enforce rules, and hire vendors.

CC&Rs

Covenants, Conditions & Restrictions — the master document that defines what owners can and cannot do with their units and common areas.

Common Elements

Areas of the building shared by all residents, such as lobbies, hallways, gyms, roofs, elevators, and parking lots.

Condo Association

The legal entity formed by all unit owners to manage and maintain the shared property and common elements of the building.

Declarant

The developer or builder who originally created the condo association and established the governing documents.

Declaration

The foundational legal document that creates the condominium and defines the units, common elements, and ownership structure.

Deferred Maintenance

Repairs or upkeep that have been postponed, often a red flag indicating financial strain or poor management within an HOA.

FHA Approval

Certification that a condo building meets Federal Housing Administration requirements, allowing buyers to use FHA loans to purchase units.

Fidelity Bond

Insurance that protects the association against theft or fraud by board members or management company employees.

Governing Documents

The full set of legal documents that control how a condo association operates — typically including the Declaration, CC&Rs, Bylaws, and Rules & Regulations.

HOA (Homeowners Association)

The organization of unit owners responsible for managing a condo building's shared spaces, enforcing rules, and collecting dues.

Insurance Deductible (HOA)

The amount the condo association must pay out-of-pocket before its master insurance policy kicks in. Some associations require unit owners to cover this cost if the claim originates in their unit — check the bylaws carefully.

HOA Dues

Regular fees paid by unit owners to fund the building's day-to-day operations, insurance, and reserve fund contributions.

HO-6 Insurance

A homeowner's insurance policy designed specifically for condo unit owners. It covers your personal belongings, interior walls, and liability — filling the gaps left by the HOA's master policy.

Limited Common Element

A portion of the common areas assigned for the exclusive use of one or more unit owners — such as a balcony, parking space, or storage unit. Maintenance responsibility varies by association.

Lien

A legal claim placed on a unit — often by the HOA for unpaid dues — that must be resolved before the property can be sold.

Master Policy

The HOA's building-wide insurance policy covering common areas and the building structure. Owners typically need a separate HO-6 policy for their unit's interior.

Meeting Minutes

Official written records of HOA board meetings. A critical document for buyers — they reveal disputes, deferred repairs, financial issues, and board decisions.

Notice of Assessment

A formal written notice from the HOA informing unit owners of a new or upcoming fee — either a regular dues increase or a special assessment.

Pending Litigation

Active or threatened lawsuits involving the condo association. This can affect financing, insurance, and the future financial health of the building.

Pet Policy

Rules governing whether and what types of pets are allowed in the building, including weight limits, breed restrictions, and registration requirements.

Owner-Occupancy Ratio

The percentage of units in a building that are owner-occupied versus rented out.

Quorum

The minimum number of unit owners or board members required to be present for an HOA meeting or vote to be valid. Without a quorum, no official decisions can be made — which can stall important building repairs or budget approvals.

Ratified Budget

The HOA's officially approved annual budget, voted on by the board or owners. It outlines projected income from dues and planned expenses for operations, maintenance, and reserve contributions.

Rental Restrictions

Rules limiting how many units can be rented out, or requiring owner-occupancy for a certain period before renting. Can affect your ability to lease your unit.

Resale Certificate

A document provided by the HOA when a unit is sold, disclosing the association's financial health, dues, assessments, and any violations on the unit.

Resale Packet

The full bundle of documents a buyer receives during a condo purchase, including the resale certificate, governing documents, financials, and meeting minutes.

Reserve Fund

Money set aside by the HOA for major future repairs and replacements (roof, elevators, plumbing). A well-funded reserve is a sign of a healthy association.

Reserve Study

A professional analysis of the building's major components and how much money the HOA needs to save to cover future repairs without a special assessment.

Rules & Regulations

Day-to-day operational rules set by the board covering things like move-in procedures, noise policies, use of amenities, and guest policies.

Special Assessment

A one-time fee charged to all unit owners when the reserve fund doesn't cover a major unexpected expense — like a roof replacement or structural repair.

Turnover

The point when the developer hands control of the association over to the elected homeowners. Problems often surface in documents right after turnover.

Unit

The individually owned space within a condo building — typically the interior of your home, excluding shared walls and structural components.

Violation

A breach of the HOA's rules by a unit owner — such as unauthorized renovations, noise complaints, or unapproved rentals. Repeated violations can result in fines or liens.

Warranty of Habitability

A legal standard requiring that a unit be livable and meet basic health and safety standards. Violations can trigger legal disputes with the association.