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D - K
• Eminent Domain: The power to take private property for public use by the state,
municipalities, and private persons or corporations.
• Executive Session: A private HOA board meeting used to discuss confidential
matters. In most cases, only board members and involved parties attend executive
sessions.
• Fiduciary Duty: The legal responsibility of board members to help the association
succeed while adhering to the governing documents.
• Fine: A penalty fee that's issued when an HOA rule or regulation is violated.
• Governing Documents: Legally binding documents that explain how a community
is governed and set expectations for residents, board members, and vendors.
• Homeowners' Association (HOA): A nonprofit organization set up to help run,
manage, and maintain a neighborhood, building, or other collection of homes.
• Homeowners' Insurance: Homeowner coverage that pays for losses and damages
to residential property when the unexpected occurs, like a fire, flood, or burglary.
• HOA Fees: Money collected from residents on a monthly, quarterly, or yearly basis
to cover different aspects of operations, including maintenance and insurance.
• HOA Insurance: Homeowners' association coverage that protects the association
from liability if there's an accident, injury, or damage in shared spaces.
• HOA Management Company: A business that's contracted by the board to help
manage the many functions of running an association, including overseeing daily
operations, communicating with residents, managing finances, and more.
• Initiation Fee: A one-time non-refundable capital contribution paid to the HOA
upon the transfer of a property within the community. Typically paid at closing, an
initiation fee can also be called a transfer fee.
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