As a resident of California, you may find yourself entering into a common interest agreement with a homeowner`s association or condominium association. These agreements outline the rights and responsibilities of both parties and ensure proper maintenance of the shared property.
To help you navigate through this process, here is a sample common interest agreement for California residents:
1. Definitions: The agreement should begin by defining key terms such as “common area,” “limited common area,” “unit owner,” and “association.”
2. Property Rights and Responsibilities: This section outlines the property rights and responsibilities of each party. The association is responsible for maintaining common areas, enforcing rules and regulations, and collecting dues from unit owners. Unit owners are responsible for maintaining their individual units and paying dues to the association.
3. Association Meetings: The agreement should specify the frequency of association meetings and the process for notifying unit owners of these meetings. It should also outline the rules and procedures for conducting meetings.
4. Voting and Decision Making: This section should specify the voting rights of unit owners, the quorum requirements for meetings, and the decision-making process for the association.
5. Amendments: The agreement should include information on how to amend the agreement.
6. Dispute Resolution: This section outlines the process for resolving disputes between unit owners and the association.
7. Insurance: The agreement should specify the types of insurance the association is required to carry and the insurance requirements for unit owners.
8. Assessments and Dues: This section specifies the assessment and dues payment requirements for unit owners. It should include information on how assessments and dues are calculated and when they are due.
9. Enforcement: The agreement should specify the enforcement procedures for violations of the agreement, such as fines or legal action.
10. Governing Law: This section specifies that the agreement is governed by California law.
Navigating a common interest agreement can be a complex process, but having a clear and comprehensive agreement can help ensure a harmonious and well-maintained living environment. As always, it`s important to consult with legal professionals who specialize in common interest agreements before signing any contractual agreement.