Property Ownership
A West Virginia developer who wants to establish a homeowners association (HOA) must:
AObtain a license from the WVREC to operate an HOA
BCreate the HOA through a declaration and bylaws recorded in the public record, governing the rights and obligations of all lot owners✓ Correct
CGet approval from the West Virginia Legislature
DHave at least 50 homeowners before forming the association
Explanation
An HOA is created by recording a declaration (covenants, conditions, and restrictions) and bylaws in the public record. These documents bind all lot owners in the development and establish the HOA's powers and the owners' obligations.
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Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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