Each property address has its own HOA. Therefore, for example, the property at 5005 and 5007 River Avenue would be an association of two individual units. This association has specific CC&R’s which govern the property and are filed with the County of Orange along with the condo map. These CC&R’s provide for resolution of disputes and also specify an unbiased third party in the event that there is a disagreement and a third party decision is required to be involved. There are no predetermined HOA dues as there are really no costs that will need to be spent on a monthly or annual basis other than the insurance for the properties.
All of the rest of the improvements are new and will not require any maintenance or reserve requirements in the short term.
Should the two homeowners desire to set up an association fund and contribute reserves on a monthly basis, they can choose to do that and there are provisions in the CC&R’s which allow for them to be able to do so. Otherwise, in the event that one entity owns both properties then there is certainly no need for association dues. In the event that there are two separate homeowners then the two homeowners would split the insurance bill on an annual basis and any other one-time expenditures that may arise at that time.
Please see the CC&R’s tab in the website for a copy of the complete CC&R’s for each property.