Homeowners associations HOA/POA

From TexasRealEstate.com

Reform rules for homeowners associations

A homeowners association (HOA) is supposed to add value to your home and enhance life in your community. If your association overreaches its bylaws or lacks proper management, it can stigmatize your community, hurting the market value of your home.

The issue

Proposals to reform how homeowners associations handle money, make rules, and enforce those rules will help HOAs improve their operations and make communities better for new and existing residents.

Why you should care about this

With many homeowners associations taking on functions traditionally provided by local governments, opportunities arise for HOA policies to be inconsistent with local laws. It’s also beneficial for current and prospective homeowners to have state HOA rules reviewed to keep a balance of power between residents and the organization.

What the Texas Association of REALTORS® is doing

During the 82nd Texas Legislature, the Texas Association of REALTORS® supported reforming laws governing HOAs to ensure a balance between the interests of property owners and of the HOAs. Some of the notable reforms achieved are assigning homeowners’ past-due payments to dues before paying fines; mandating open records and meetings for HOAs; making it more difficult for an HOA to foreclose; and restricting HOAs’ ability to ban religious displays, flags, and solar panels.

What you can do

If you’re concerned about this issue, talk with your Texas REALTOR® and let them know you learned about it on TexasRealEstate.com.

This entry was published on December 26, 2011 at 7:33 PM. It’s filed under Canyon Lake Real Estate News and tagged , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post.

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