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What is a Homeowners Association (HOA)?

In this video, Millionacres outlines what a homeowner association (HOA) is and what you should consider when buying in a community that has an HOA. In simple terms, an HOA or homeowner association is a governing body that oversees a residential community, or often a planned community. HOAs are run by the residents of a community through an elected board of directors. Typically, but not always, the HOA board members a third-party management company to oversee the day-to-day operations of the community.