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.
Related AccountingTools Courses
Accounting for Homeowners’ Associations