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Common Ownership Community “COC” So, are you a good neighbor? Do you know your association’s Board of Directors? Do you … ? Are you aware of when and where your association • Pay your assessments on time? meets? Have you reviewed your association’s • Abide by the rules, regulations and bylaws? bylaws? • Attend Board of Directors meetings? • Vote in elections and on critical matters? How to be a Consider getting involved. Get engaged and be aware! For additional information on Common GOOD NEIGHBOR in a Ownership Communities, please contact the • Browse your Association’s newsletter and email following: blasts, so that you have an idea of what’s going on and, so that you’ll be able to participate Office of Community Relations Common if there’s something you strongly agree or Ownership Communities disagree with. Phone: 301-952-4729 http://www.princegeorgescountymd.gov/921/ • Attend Association meetings. This will help Common-Ownership-Communities you find out what’s going on in your community and will help you become informed. You’ll FHA Resource Center have a greater influence over what happens https://www.hud.gov/program_offices/housing/ in your building or neighborhood and it’s an sfh/fharesourcectr opportunity to meet your neighbors. Office of the Attorney General Consumer At the end of the day, there is a difference between Protection Division living in a community and being a part of that Phone: 877-261-8807 particular community. While being part of an http://www.marylandattorneygeneral.gov/ Common Association can be a bit of extra work, it’s worth CPD%20Documents/Tips-Publications/ putting some effort into being a good member. CondoLivingweb.pdf Ultimately, a smoothly-running Association is a Ownership Community Associations Institute sure sign of a well-run building, a good place to live and a solid investment. Phone: 888-224-4321 Community https://www.caionline.org The U.S. Department of Housing and Urban Information brought to you courtesy of: “COC” Development streamlined the Federal Housing Prince George’s County Association of REALTORS® Administration’s (FHA) condominium project 8300 Corporate Drive, Suite 100 approval process. Landover, MD 20785 Tel: 301-306-7900 • www.pgcar.com Do you know that there are various benefits of DISCLAIMER This brochure is a general discussion of the topic and is not intended to constitute legal ad- becoming FHA approved? vice or to substitute for competent legal advice. The information contained in this brochure, • Increased home values upon information and belief, is accurate as of the date of publication or revised date of this • Improved resale values brochure. However, such information cannot be guaranteed. • Increased pool of potential buyers Are you considering purchasing in a Homeowners’ Association If you reside in a COC or are thinking Common Ownership Community? In a homeowners’ association about purchasing in a COC, are you Or, perhaps you already own a COC property? (HOA), the homeowner aware of how personal decisions affect If YES, there are things you should know. owns his/her home and you and your neighbors? lot in fee simple title. The A Common Ownership Community (COC) is common grounds and facilities are owned in Do you pay your association dues on time? defined as a condominium, a cooperative housing fee simple by the association as an entity. Open Associations collect dues from its members, corporation and a homeowners’ association. The space, recreational and common areas are vested usually monthly or quarterly. main difference between the three groups is the in the homeowners’ association and funds for • When some homeowners are delinquent, ownership: their upkeep are raised from HOA dues and either their neighbors must make up the assessments. HOA’s are also regulated by privately difference or services and amenities must be Condominiums curtailed. In a condominium, the written Declarations of Covenants, Conditions individual unit owner and Restrictions. • This affects everyone in the community owns fee simple title to negatively, perhaps even leading to a decline the interior walls and air space contained within Did you know? in property values. their unit and an undivided interest in all common By purchasing into a Common All community associations have assessments/ grounds, streets and parking, recreation facilities, Ownership Community fees. Fees may cover costs such as landscape and utilities, and parts of residential structures (i.e., (COC), be it a condominium maintenance of common areas, snow removal, the roof and lobby), which are collectively known unit, Co-op, townhome, or garbage collection, fees for amenities (pool, as the common elements. A master deed divides single family home, you agree tennis court, golf course, exercise room, etc.) the land into units and common elements and to abide by the community’s and insurance. sets forth rights, obligations and restrictions of pre-established guidelines. In most cases you enter into this arrangement at settlement. In the condominium owner. Owners are typically If an owner fails to pay dues, fines, assessments Maryland, these conditions must be disclosed to obligated to covenants and fees. or other lawfully imposed charges, the owner’s you prior to purchasing. property is subject to foreclosure by the • Carefully read, understand and comply with Cooperatives homeowners’ association (even if the owner’s your association’s governing documents. In cooperative property is fully paid for). housing, the • Ensure that those who visit your residence • Pay association assessments on time. shareholder does (relative, friends, and tenants) adhere to all • People occasionally face financial hardship not own real estate, but owns a share of the legal rules and regulations. (i.e.; a lost job, medical issues, etc.) and in entity that owns real estate. The corporation owns those cases many community associations the land, buildings and any common areas. Each Reasonable rules and restrictions, consistently will work with homeowners to develop resident has membership in the coop association enforced over time, do preserve the net value of deferred or special payment plans. and has occupancy rights to a specific suite. the community and help to ensure a high quality Similar to a condominium, the ownership is of life for residents and appreciation on your governed by covenants and fees apply. investment..
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