Minnesota Homeowners' Association Handbook
Description
How to fill out Homeowners' Association Handbook?
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FAQ
Common-interest communities, also known as common-interest developments or CIDs, include condominiums, coops, retirement communities, vacation timeshares, and other housing developments comprised of individually owned units, in addition to shared facilities and common areas.
MCIOA provides statutory authority for common interest communities formed on or after June 1, 1994. MCIOA governs condominiums formed under the Minnesota Condominium Act (prior to August 1, 1980) with limited applicability.
In general, typical association fees for condo owners in Minnesota are between 25 and 75 cents per square foot per month.
Homeowners have the right to terminate a common interest community. To terminate a CIC, 80% of the common interest along with 80% of the mortgages must vote in favor. For a mortgage percentage, one mortgage equals one vote; no percentage of interest. In this case, both conditions must be met to pass the resolution.
Are HOA fees negotiable? Typically, you can't negotiate HOA fees. Since the HOA is a legal entity, it has scores of legal documents that apply to all community members. Association fees are no exception.
Statistically speaking, most people would say yes: according to the Community Associations Institute, roughly 85% of residents who have an HOA are satisfied with it. Whether an HOA fee is worth it to you really depends on what you prioritize as a homeowner. In many ways, it's similar to owning a pool.
Minnesota is home to a number of condominium and homeowners associations. These associations, though, must remain compliant with many state laws.
Federal Laws - In addition to state law regulations, the federal government has laws that govern the operation and management of common interest communities, condominiums, cooperatives, and residential properties in the state of Minnesota. Minnesota Collection Agencies Act, Minn. Stat. ? 332.37.
HOA fees tend to vary drastically, depending on the property or community. The fees range anywhere between $100 and $1,000 per month. The average, though, tends to be between $200 and $300 per month. The general rule that applies is that the more services and amenities, the higher the fees.
