Homeowners Association (HOA)
Also called: HOA, condo association, service charge
An HOA governs a shared community, collecting dues for common areas and enforcing rules on what owners may do with their property. Two financial questions matter before buying: whether the reserve fund is adequate, and whether a special assessment is looming. An underfunded association can levy tens of thousands per unit for a roof or a facade, and its dues are as unavoidable as a mortgage payment.