To the extent funds are available and set aside for that purpose, the Real Estate Division may use a portion of the fees collected to support the office of ombudsman to pay the fees for a mediator or arbitrator to resolve disputes involving common-interest communities. With some exceptions, persons or firms that offer professional management services to homeowners associations must be licensed or certified by the Real Estate Division of the Department of Business and Industry. The Division may establish standards of practice for property managers, may conduct investigations to ensure compliance with standards, and may impose discipline for failure to comply. The Common-Interest Ownership Act attempts to strike a balance between the rights of owners and the community as a whole. Homeowners associations help preserve the character of a community and the value of the homes within it but require each owner to make a commitment to the community of time, effort, and money.
Homeowners associations operate on democratic principles.
The success of the community depends on the efforts of its members and their willingness to participate in the process. It is important for prospective purchasers to understand the benefits and possible risks of belonging to a homeowners association. This type of ownership and lifestyle may not be for everyone. If you are a member of such a community, SB 314 and SB 451 contain provisions intended to protect your investment and your right to participate in your homeowners association. The more you know about your rights and obligations, the better decisions you will make as you participate in the community.