The CC&Rs is a legally binding document that is officially recorded and filed with the state. The CC&Rs cover the rights and obligations of the homeowners association to its members and vice versa. CC&Rs often cover legal issues, such as:
Clearly defined maintenance obligations for the HOA and individual members
Mechanisms for rule enforcement and dispute resolution
Lender protection provisions
The bylaws govern how the HOA operates and contain the information needed to run the HOA as a business. For example, the bylaws cover matters such as:
how often the HOA holds meetings
how the meetings are conducted
the duties of the various offices of the board of directors
how many people are on the board, and
membership voting rights.
The rules and regulations ("Rules") have been established to ensure the maximum enjoyment of the neighborhood by all residents, protect the investment of the Homeowner and make the neighborhood, as a whole, a place where owners take pride in the property.
2022 Greenwood Park Estates Reserve Study
A reserve study is a long-term capital budget planning tool which identifies the current status of the reserve fund of an organization and develops a stable and equitable funding plan to offset ongoing deterioration, resulting in sufficient funds when those anticipated major common area expenditures actually occur.