A homeowner’s association is a private association that manages a planned community or condominium. When you purchase a property that is managed by an HOA, you agree to abide by the HOA’s rules and pay its monthly or annually HOA dues. If you fail to pay and/or comply, they often have the ability to file a lien against the property and/or foreclose on the property. HOAs are designed to help retain property value in neighborhoods by keeping everything up to a certain standard they set forth.

In Las Vegas, the majority of homes built from the 2000s onwards have HOAs.

Category: Real Estate Terms