Summary of Corporate Documents & Forms
Clarifying Information:
If you buy a home in Oakwood Acres you will likely be required to be part of a Property Owners' Association (POA). The POA will have its own governing documents in the form of a Declaration of Covenants, Conditions, and Restrictions and Bylaws.
Deed Restrictions
The Deed Restrictions (DRs) is the legal document that lays out the guidelines for the planned community. The DRs are recorded in the Hernando County records and are legally binding. This means that when you purchase a lot or a home in Oakwood Acres you automatically become a member of the POA IF the home or property who sold you the property was a member. You can also elect to join the POA if the seller was not a member of the POA.
The DRs are the rules of your neighborhood. They govern what you can, cannot, or must do with respect to your home. It is typical for the DRs to regulate things such as: animals, clotheslines, fences, TV antennas, satellite dishes and garbage cans. If you don't abide by the DRs, the POA may impose penalties for any violations.
Bylaws
The Oakwood Acres POA is a nonprofit corporation which was established to manage a private, planned community. Like other corporations, the POA is governed by a board of directors (who are elected by the members) and a set of rules called bylaws.
The bylaws govern how the POA operates and contain the information needed to run the POA as a business. For example, the bylaws cover matters such as: how often the POA holds meetings, how the meetings are conducted, the duties of the various offices and board of directors, how many people are on the board and membership voting rights.
As a property owner in the Oakwood Acres POA, you should take the time to familiarize yourself with both the DRs and the bylaws, so that you are aware of any neighborhood restrictions and you fully understand how the community operates.