Ebooks

4 WHAT'S A MANAGED COMMUNITY CALLED? Many people live in managed communities across North America. While the term managed community itself can be interpreted to mean a professionally managed community or a self-managed one, it's a broadly used term to describe a collection of homes that's governed by a homeowners' association. Read on to learn more about the term homeowners' association. UNITED STATES In the United States, homeowners' association describes a non-profit organization that runs, manages, and maintains a collective of homes, like a neighborhood or building. Some other terms widely used in the U.S. include: • Neighborhood association • Master-planned community CANADA British Columbia, Canada, uses the term strata corporation. Similar to an HOA, a strata corporation is a legal entity that manages and maintains the common property of a strata community. Just like in an HOA, owners of strata lots are automatically members of the strata corporation. Commonly used among other Canadian provinces include the terms: • Homeowners' association • Residents' association MEXICO While the terms homeowners' association and neighborhood association are standard in Mexico, these organizations aren't recognized as legal entities. Instead, they're civil associations that are made up of juridical persons that advance the interests and will of community members. 7 6 5 4 8 9 10 11 3 C

• Cover