We found this summary from an NC hoa website:
Once you have purchased a home in a community with an incorporated homeowner association, it is important that you understand both your responsibilities as well as those of the association. These responsibilities are sometimes guaranteed by federal and state laws in addition to the association’s governing documents. Some of the most important are:
Homeowner Responsibilities
- Understand and comply with the restrictive covenants, by-laws, and other rules and regulations.
- Pay your assessments on time.
- Stay informed and participate in the business of your homeowner association by reading the meeting minutes, attending the annual meeting, understanding the budget, and volunteering to serve on a committee or the board.
- Maintain a current address with your homeowner association. This is critical if you are a member of a homeowner association but do not live in the community. Examples include rental property, second homes, homes used by children in college or retired parents, or investment property intended for future construction.
- If your home is rental property or occupied by others, ensure that tenants/occupants understand that they must also comply with certain restrictive covenants such as parking, pets, architectural changes, and other requirements. This may also include association rules regarding use of playgrounds, pools, tennis courts, and other common areas.
- Maintain contact information for an association representative. This may be an on-site employee, a management company, a board member, or the builder/developer.
Association Responsibilities - Maintain, protect, and enhance the value of the community.
- Govern the association in accordance with federal and state laws.
- Provide an information package to new homebuyers.
- Publish the names and addresses of all association officers and directors within 30 days of their election.
- Hold regular board meetings and an annual meeting.
- Provide an opportunity for resident participation in a ‘homeowner’s forum’ at each board meeting.
- Inform residents of annual assessments and special assessments.
- Provide an annual income statement and balance sheet to all owners within 75 days of the end of each fiscal year.
- Provide a statement upon request by a resident within 10 days of the request.
- Enforce the restrictive covenants and other governing documents in a fair and consistent manner.
