A homeowners’ association is an organization created by a real estate developer for the purpose of developing and managing a community of homes. It is given the authority to enforce the covenants, conditions and restrictions as well as manage the common elements of the development. The NYS Office of the Attorney General requires that the sponsor file an offering plan for the homeowners’ association, and that the sponsor maintain commitments that it made in the offering plan. The Attorney General’s jurisdiction would be limited to ownership and maintenance of HOA common property.
The Offering Plan consists of these sections:
- Introduction to the Offering Plan
- Declaration of Covenants & Restrictions
- Certificate of Incorporation
- Bylaws
- Homeowners’ Manual
- Amendments
