What is a property owner’s association?
Real estate developments often have common areas to own and maintain, architectural review boards, dues, assessments, etc. The tasks and duties associated with these subdivision characteristics are managed by an association of the owners. The association, often incorporated, may be self-managed or professionally managed.

The Act obligates a seller to obtain and provide to prospective purchasers a packet of information, the contents of which are specified by law, in order for a buyer to evaluate the association and the obligations the buyer will have after closing.

Posted By: Brian D. Lytle, Esq. on Saturday, March 27, 2010