Homeowners’ associations (HOAs) are the governing body of many common interest communities (CIC), such as subdivisions, who manage the common areas and interests of the community. When a person buys property in a CIC, there is a legal servitude on the property that binds the owner of the property to follow the covenants, conditions, and restrictions (CC&Rs) that govern all the property in the community.
A household can be defined as those who dwell under the same residential roof and compose a family. A household is distinct and should be distinguished from a family because a household does not need to have the same financial, emotional, and social interconnection. However, a family can be a household. Dawson v.
The Department of Housing and Urban Development (HUD) is the primary federal agency responsible for promoting affordable housing among lower and middle income families as well as enforcing fair housing standards. Most federal programs for housing and community development are under the management of or coordinate with HUD.
The Department of Housing and Urban Development (HUD) is the primary federal agency responsible for promoting affordable housing among lower and middle income families as well as enforcing fair housing standards. Most federal programs for housing and community development are under the management of or coordinate with HUD.
HUD-1 is a standard form that closing agents give to mortgage loan borrowers on the date the real estate purchase closes, detailing all the costs associated with the closing.
In property and real estate law, an improvement is any positive permanent change to land that augments the property’s value. An improvement will cause positive change to the land, increase the value, and will allow the landowner to make productive use of the property. Common examples are adding permanent buildings and other structures, or making an addition to an existing building.
In lieu means “instead of” or “in the place of.” For example, a deed in lieu of foreclosure is a deed to a house offered to the lender by the homeowner so that the lender will not foreclose.
[Last reviewed in April of 2022 by the Wex Definitions Team]
