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Delaware
Articles of Incorporation of Homeowners Association

Delaware Articles of Incorporation of Homeowners Association

Category:

Corporations - Incorporation

State:

Multi-State

Control #:

US-02467BG

Format:

Instant download

Description

A nonprofit corporation is one that is organized for charitable or benevolent purposes. These corporations include certain hospitals, universities, churches, and other religious organiza¬tions. A nonprofit entity does not have to be a nonprofit corporation, however. Nonprofit corporations do not have shareholders, but have members or a perpetual board of directors or board of trustees.

A Home Owners Association is an organization of homeowners of a particular subdivision, condominium or planned unit development. The purpose of a home owners association is to provide a common basis for preserving maintaining and enhancing their homes and property. Most homeowners' associations are non-profit corporations. They are subject to state statutes that govern non-profit corporations and homeowner associations. The associations provide services, regulate activities, levy assessments, and impose fines. Usually, each member of a homeowners association pays assessments. Those assessments or dues are used to pay for expenses that arise from having and maintaining common property.

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How to fill out Articles Of Incorporation Of Homeowners Association?

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FAQ

Some states require a 100%, unanimous decision, others something less. States that have adopted the Uniform Common Interest Ownership Act (UCIOA) of 2008, for example, require an 80% majority for dissolving an HOA. (Vermont, Connecticut, Delaware, and Washington are on this list.)

The Delaware Uniform Common Interest Ownership Act applies to condominiums, cooperatives, planned unit communities, and timeshares. A condominium is real estate with sections identified for separate ownership (unit) and the remaining property dedicated to common elements with undivided interests by the unit owners.

Under the Delaware Unit Property Act, each specific unit to be sold in the community must have its own individual deed. Any legal document regarding a unit in the community must bear the community name and specify the individual unit the document refers to.

The Delaware Uniform Common Interest Ownership Act, or DUCIOA authorizes and governs many requirements and options for common interest communities.

The Act provides state-level protections similar to the federal Fair Housing Act (FHA) and affects all housing providers, including common interest communities in Delaware. The Delaware Division of Human Relations administers the law.

Delaware Uniform Common Interest Ownership Act ("DUCIOA"), codified in Chapter 81 of Title 25 of the Delaware Code, governs all common interest communities (planned communities, condominiums, cooperatives, and subdivisions) created after September 30, 2009, unless otherwise exempted.

Unless the purchaser is given the resale certificate before execution of a contract for the purchase of a unit, the purchaser, before conveyance, may cancel the contract within 5 calendar days after first receiving the resale certificate.

Delaware Uniform Common Interest Ownership Act ("DUCIOA"), codified in Chapter 81 of Title 25 of the Delaware Code, governs all common interest communities (planned communities, condominiums, cooperatives, and subdivisions) created after September 30, 2009, unless otherwise exempted.

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