Answer 1: because knowing the relevant Virginia code is crucial â€¦ and a full-time job.
Property Owners’ Association Act
This is Chapter 26 of the Code of Virginia, titled â€œProperty Owners’ Association Act.â€ It is part of Title 55, titled â€œProperty and Conveyances.â€ It’s comprised of the following 29 sections.
“Does this neighborhood have an HOA?” is one of the most common questions my buyer clients ask. The next two (usually prodded by me) are “is it professionally managed?” and “is it solvent?”.
Answer 2: So that neighbors can be good neighbors and have someone else responsible for the management of the Association. Running a neighborhood is a business – budgets to manage, lawn maintenance contracts to negotiate, occasionally delinquent neighbors to fine â€¦ better to have a professional to manage these things than neighbors who don’t do this full time. In many things in life – going to court, fixing your car, selling your house – hiring a professional is money well spent.