Main contract

A ‘Main Contract’ in a homeowner association context refers to the primary legal agreement between the HOA and its members. This document outlines the rights, responsibilities, and obligations of all parties involved.

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What is a Main Contract?

In the context of a Homeowners Association (HOA), a ‘Main Contract’ refers to the primary, often foundational, legal agreement between the HOA and its members. This document is also commonly referred to as the ‘Governing Documents’ or ‘Association Bylaws’. These documents are created when the HOA is established and outline the rights, responsibilities, and obligations of both the HOA and its members. The main contract is generally binding on all homeowners within the community.

Contents of the Main Contract

The main contract will typically outline the HOA’s rules, regulations, and provisions. This includes matters such as property maintenance standards, architectural guidelines, dues structure, and use of common areas. It also contains provisions for dispute resolution, enforcement of rules, and procedures for amending the contract.

Importance of the Main Contract

The main contract is a critical document in the operation of the HOA. It serves as a reference point in case of disagreements or confusion over the duties and responsibilities of the HOA or its members. When a homeowner buys a property within an HOA, they are automatically bound by the terms of the HOA’s main contract, making it essential to read and understand this document before making the purchase.

Frequently asked questions about Main contract

Get quick answers to some of the most common questions about Main contract.

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Related words

Design-build contract

A design-build contract is a simplified agreement where both design and construction services for a project are contracted by a single entity.

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A General Contract is a legally binding agreement between an HOA and another party, outlining mutual responsibilities and services.

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Audit

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A tender format is a document used by homeowner associations for procurement of goods, services or work, promoting transparency and fairness in the bidding process.

Cost estimate

A cost estimate is an approximation of potential expenses for a specific project or task in a Homeowners Association, aiding in budgeting and financial planning.