Homeowners' associations, or HOAs, are formal legal entities created to maintain common areas and enforce deed restrictions. Most condominium and townhouse developments, and many newer single-family subdivisions have HOAs, which are usually created when the development is built. Covenants, Conditions & Restrictions (CC&R's) are issued to each homeowner, and HOAs are established to ensure that they are adhered to in order to maintain the quality and value of the properties involved.

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