QUESTION

What is an annual,assessmen for an HOA??? Is there a form you have to fill out??

Asked on Jul 23rd, 2016 on Real Estate - California
More details to this question:
We were told we have to submit an annual assessment for our abou annual meeting... What is this???
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1 ANSWER

Real Estate Attorney serving Oakland, CA at Sack Rosendin LLP
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Your HOA maintains the common area. In a detached home subdivision, the common area may include landscaped areas, parks, a shared rec center, even pool. In a condominium, it includes all parts of the building outside of the owners individual units, including the roof, walls, windows, hallways, plumbing and electrical outside hte individual units. Each owner pays her or his proportionate share of the cost of maintaining the common area plus reserves to accumulate funds for large replacements which will be required as parts of the common area wear out. The owners proportionate shares are referred to as assessments. All of this is fully explianed in the CC&Rs and the DRE Final Public Report, which you received when you bought your home. The Davis Stirling Act imposes many requirements on CC&Rs and how HOAs are governed. The Act is amended by the state legislature almost every year. If your HOA's CC&Rs and other governing documents are not completely up-to-date, there might be requirements that are not in your CC&Rs. Dana Sack 510-286-2200  
Answered on Jul 24th, 2016 at 9:50 AM

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