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3. WHAT ARE GOVERNING
DOCUMENTS?
Governing documents are another prominent item in a resale package. They
are, in essence, the constitution, law, and regulations that explain how a
community is governed. Governing documents also establish how the HOA
is run and set expectations for residents and the association. They typically
include the following:
RECORDED MAP, PLAT, OR PLAN
A diagram that identifies where
the community and its various
structures, like units, lots, and
common areas, are located.
BYLAWS
Bylaws are the formal rule book for
the administration and day-to-day
management of the association.
RULES & REGULATIONS
The rules and regulations is an
internal document that spells out
the community's general rules and
regulations, like parking restrictions
and fence heights.
CODES, COVENANTS, &
RESTRICTIONS
Also known as the CC&Rs,
these legal documents outline
the requirements of the board,
association, and residents, like
dues and fee responsibilities and
maintenance obligations.
ARTICLES OF INCORPORATION
This is a brief and simple form
filed with a community's designated
secretary of state to bring the
corporation into existence and
define its basic purpose.
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