Common interest realty association definition
/What is a Common Interest Realty Association?
A common interest realty association governs a common interest community, such as a condominium development or timeshare units. The association is responsible for property maintenance and repairs, management services, and other tasks defined in its governing documents, which are frequently subcontracted to a property management company. It also enforces compliance with the applicable governing documents, as well as state and local statutes.
The association is funded by ongoing member assessments. Members elect the association’s board of directors, which represents their interests in the association.
Examples of Common Interest Realty Associations
There are several common types of common interest realty associations, which are as follows:
Condominium associations
Cooperative housing corporation (a coop)
Homeowners’ associations
Time-share associations
Related AccountingTools Courses
Accounting for Homeowners’ Associations