Current Listings For Sale

This document is a brief summary of what a Home Owner’s Association (HOA) is. Please initial and sign with a full understanding of expectations from the HOA.

______I understand that an HOA means I am purchasing a home in a community owned property. Homeowners, as members of the Association, own everything collectively. For example, no single person has their own yard.

______I understand that I do not have the option to opt-out of being a member of the Two Forty Place Association and all that may entail including dues, fees, rules, etc.

______I understand an HOA is established to make and enforce rules regarding the community owned property. The HOA has the essential role of maintaining the community guidelines.

______I understand the HOA is responsible to maintain and protect the buildings, street, landscape, and everything outside the walls of my unit.

______I understand that the Two Forty Place Association By-Laws and Covenants are in compliance with state and local laws and ordinances, therefore are enforceable by local law enforcement.

______I understand that the elected Board of Directors represent the Association and have a fiduciary duty and obligation to the community. The Board members must evaluate each December if the monthly dues require an increase for the following year based on the needs of the community.

______I understand the HOA monthly dues may possibly increase during my time of owning this property.

______I understand the HOA has the legal ability to levy an assessment on homeowners if an urgent financial need arises. Most assessments will have a short time period the homeowner will have to pay the assessment based on the urgency of the financial need.

______I understand the HOA has the legal ability to obtain loans for the community if the need arises.

______I understand I have the right as a homeowner to view the Association finances.

______I understand the HOA is responsible for the entire community which means if a problem exists in a building or unit other than my own, the dues I pay will go toward the maintenance of that building or unit.

______I understand I am responsible and obligated to follow any changes that may be made to the Declaration when a vote of homeowners changes the document.