HOA Glossary of Terms

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HOA Glossary of Terms

Definition: HOA Reserve Study
"A reserve study is a study made of all the major capital systems in the association," explains Robert Galvin, a partner at Davis, Malm & . . . keep reading

Definition: Mechanic's Lien
A mechanic's lien is a statutory lien that allows certain types of vendors to . . . keep reading

Definition: Declaration of Covenants, Codes & Restrictions (CC&Rs)
An HOA's covenants, codes and restrictions—or CC&Rs—are the documents that are recorded with your county. They include the things that affect the title to the land. For example, how many s . . . keep reading

Definition: HOA Bylaws
HOA bylaws are governing guides. Bylaws are supposed to be about the government of the corporation. They should cover things like how often you have meetings, how many people are on the board, how oft . . . keep reading

Definition: HOA Architectural Committee
An architectural committee's responsibility comes from the association's bylaws or CCRs. Members of the architectural committee are responsible for maintaining the aesthetic and structural integrity of the association and enforcing the CCRs. . . . keep reading

Definition: Premises Liability Claims
Premises liability claims are brought against a homeowners association by people who suffer injuries on association property. Generally, for an HOA to be found liable it must be shown that . . . keep reading

Definition: General Liability Insurance
General liability insurance protects a homeowner association from personal injury and property damage claims. Importantly, a general liability insurance policy doesn't protect board members . . . keep reading

Definition: Directors and Officers (D&O) Insurance
Directors and officers (D&O) insurance policies protect directors and officers from claims that they failed to act or acted wrongfully in their individual or group capacity on behalf of the associatio . . . keep reading

Definition: Lien
A lien is a financial claim to property to secure a debt. When a lien is filed, property is said to be "encumbered by" a lien. If property is encumbered by a lien it can't be sold until . . . keep reading

Definition: Quorum
A quorum is the smallest number of board members necessary to legally conduct the business of your HOA. Most, but not all, groups define a quorum as a simple majority of the members. It should be defi . . . keep reading

Definition: Reserve Accounts
Reserve accounts (also referred to as "reserve funds" or simply "reserves") are funds set aside by the homeowner association to pay for the replacement or repair of community property. Reserves are in . . . keep reading

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