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How is the HOA legally established?

April 26, 2017hoa legally

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How is the HOA legally established?

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A. The HOA Articles of Incorporation are registered with the State of Virginia as a non-profit mutual benefit Limited Liability Corporation (LLC). It is a legal entity and has its own unique federal identity (EIN 54-2059699) for the yearly tax filings. Every lot owner owns 1/20 of all common land and assets owned by the HOA. Stock ownership conveys with a lot title.