Covenants Term
Assessment
The periodic dues owners pay to fund common-area maintenance, insurance, amenities, and reserves. Amounts and schedules are set by the association, not by this guide.
Covenant and governance terms come from the recorded documents that bind every lot: what may be built, what is owed, and how standards are administered.
For the wider treatment of this subject, read The Covenant Living Guide. Definitions here are general editorial explanations of common usage — they are not legal definitions and do not interpret any specific recorded document. See Disclosures.
Nearby Language
Related terms.
- CC&Rs (Covenants, Conditions & Restrictions)
The recorded declaration that binds every lot in a community. It defines what may be built, how property may be used, ho…
- Declaration
The umbrella recorded instrument that creates the community and its owners association. The CC&Rs are contained within i…
- Bylaws
The internal operating rules of the owners association: how directors are elected, how meetings and quorums work, and ho…
- Owners Association
The nonprofit corporate entity created by the declaration to maintain common areas, administer assessments, and enforce …
- Special Assessment
A one-time charge levied outside the regular budget, typically for a capital project or a shortfall. Procedures and any …
- Reserve Study
A professional projection of the useful life and replacement cost of common-area components, used to set reserve funding…
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