Knowing the difference between Homeowners Associations (HOAs) and condo boards can be tricky, as they have many things in common. Both groups work under Connecticut’s Common Interest Ownership Act (CIOA) but have different traits and tasks.
Key Differences
The significant differences between HOAs and condo boards are:
- Property ownership: In HOAs, you own your home and land, while in condos, you own your unit and share ownership of common areas.
- Common areas: Common areas in HOAs are usually more extensive and include things like parks and pools. Common areas like hallways and roofs are part of the building in condos.
- Legal framework: HOAs often work as nonstock corporations under the Connecticut Nonstock Corporations Act, meaning they do not give out shares but work for the common good of their members. The Connecticut Condominium Act regulates condos, establishing rules specific to property care and unit ownership.
Understanding the differences between HOAs and condo boards can help you know your community’s rules better.
Commonalities
Despite their differences, HOAs and condominium boards share several similarities:
- Governance: A board of directors, elected by the members, typically governs HOAs and condominium boards (homeowners or unit owners).
- Meetings: Both entities hold regular meetings to discuss community issues, make decisions and address members’ concerns.
- Assessments: Both collect assessments (dues or fees) from members to fund the maintenance and operation of common areas and services.
Understanding these legal differences can help you better handle your duties and rights in your community. Talking to an experienced legal counsel is always good if you have questions or need more help.