HOA
Business & Finance abbreviation · Real Estate & Mortgage
| Stands for | Homeowners association |
|---|---|
| Categories | Business & Finance |
HOA stands for Homeowners association, a real estate & mortgage abbreviation.
Organization in a subdivision, planned community or condominium that manages common areas, enforces rules and collects mandatory dues from every owner. Buying a property in the community automatically makes the buyer a member.
Example: The HOA dues are $350 a month and cover landscaping, the pool and exterior insurance.
Usage notes
Rules come from recorded CC&Rs, bylaws and board-adopted regulations, and can cover anything from paint colors to parked trucks. Associations can levy special assessments for big repairs and, in many states, place liens on homes and foreclose over unpaid dues. Buyers should review the association's budget, reserve study and meeting minutes before closing. "HOA" also refers to the fees themselves, as in "the HOA is $350."
Related abbreviations
More real estate & mortgage abbreviations
- GRI – Graduate, REALTOR Institute
- GRM – Gross rent multiplier
- GSE – Government-sponsored enterprise
- HECM – Home Equity Conversion Mortgage
- HEL – Home equity loan
- HELOC – Home equity line of credit
- HUD-1 – HUD-1 Settlement Statement
- HWF – Hardwood floors
- IDX – Internet Data Exchange
- IO – Interest-only
- JTWROS – Joint tenants with right of survivorship
- LE – Loan Estimate