A reciprocity or reciprocal agreement is a contract that establishes an ongoing working relationship between two entities. As part of the terms of this contract, both parties pledge to share resources and assist each other in achieving the stated goals for the entities. A typical reciprocal agreement will establish what is known as a quid pro quo relationship. This simply means that each party will extend the use of resources to the other, with the understanding that this exchange is designed to allow both parties to benefit.
New Hampshire Reciprocal Agreement Between Homeowners Associations
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Multi-State
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US-01894BG
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For organizational purposes, most HOAs in Massachusetts choose to follow State Corporate Law which describes the creation of bylaws, record filing, and electing a board of directors. These laws may be adopted by the homeowners' association to fit their specific needs.
New Hampshire Condominium Act, RSA chapter 356-B governs the formation, management, powers, and operation of all condominiums and condominium projects created after September 10, 1977. This Act replaced the New Hampshire Unit Ownership of Real Property Act. See also Condominium Rules.
Yes, New Hampshire has state laws pertaining to HOA and condo associations. To better understand the laws for New Hampshire HOAs, please refer to: New Hampshire Voluntary Corporations And Associations Act - RSA chapter 292. This Act governs non-profits with regard to corporate structure and procedure.
HOA fees average $200-$300 per month and go toward the expenses and maintenance associated with these shared resources. Utilities: Your monthly utility cost may increase if the home you buy is bigger than your current living space.
There are 10 states with the lowest percentage of homes belonging to HOAs. These states are Kentucky (6.2%), New Mexico (6.1%), Kansas (5.3%), Nebraska (5.3%), Alabama (5.0%), South Dakota (4.8%), West Virginia (4.2%), Oklahoma (4.1%), Mississippi (2.5%), and Arkansas (2.2%).
If your HOA is organized as a corporation, you can dissolve it by following the same procedure as dissolving a corporation. This typically involves filing Articles of Dissolution with the New Hampshire Department of State and requesting a Certificate of Dissolution from the Department of Revenue Administration.
