A Homeowners Association (HOA) is a not-for-profit organization which establishes and enforces community rules in addition to maintaining community common grounds and amenities. Some HOAs are mandatory while others are voluntary. Typically, HOAs have dues which can be assessed monthly, quarterly, semi-annually, or annually. Dues are used to pay for repairs and upkeep. Some HOAs are managed by an outside company. It is important for buyers to review the HOA Covenants, Conditions, and Restrictions (CC&Rs) with a licensed professional to ensure they understand the financial status and any debt obligations or pending lawsuits.