Common Area Assessments
Today’s real estate, where the day is common area assessments, so what we’re going to do is use it in a sentence, then we’re going to define it and then we’ll talk about it for just a moment.
So without further do, common area assessments is in some areas they calm homeowners association fees, fees. They can charge these fees, which are paid to the homeowners association by the owners of the individual units and single family communities or condominiums.
Assessments are generally used to maintain the property and common area for the good of all residents. So that’s the definition. To use it in a sentence. Ways typically will have common area assessments associated with ownership. OK, and then to discuss it for just a moment, what they’re going to do is basically the way is going to have this fee that you pay to them and it’s normally collected annually.
The larger the item is, as far as the terms, the amount of it, they’ll collect it maybe twice year, quarterly, maybe even monthly, if you’re some some type of condo or something along those lines. So they’ll tell you how much that fee is and it could potentially change over a period of time. So just know that that’s the case. There is some reform that’s currently being proposed in the state of Texas for A’s and what they can do and how they can charge.
But the basic concept is it’s for the betterment of the individual owners of the units, for all of the property. They take care of the common area, maybe the pool, maybe let you know that, like your lawn needs to be mowed or you need to put new shrubs in or something along those lines if something dies. But they’re going to try to keep everything in the best possible repair.
They’ll probably have an application that you would put in if you want to change your fence or do something different like that. So anyways, that’s common area assessments and how the money spent.