| Webster's Online Dictionary |
| Expressions | Definition | ||
| Homeowners association | Some of the developments that real estate developers build are common interest developments, a category that includes planned-unit developments of single-family houses, condominiums, and cooperative apartments. Before the first unit is sold, of one of these developments, the developer records restrictive covenants — on all of the properties — that "run with the land," meaning that all successive buyers are bound by the same covenants as the original purchaser. These covenants, among other things, form a homeowners association. (references) | ||
Source: compiled by the editor from various references; see credits. | Top | ||
| Expressions | Domain | Definition | |
| Homeowners association | Finance | An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision of and maintenance of community facilities and services for the common benefit of the residents. (references) | |
Source: compiled by the editor from various references; see credits. | Top | ||
