That is correct. There will also be HOA rules and regulations that you will want to be aware of. I think one of the most important thing a home-buyer can do when considering a home that is part of an HOA is to review these bylaws so that you understand what they are before you purchase and to take a look at the HOA's most current financial statement to make certain that you're not buying into a development that isn't properly funded. The last thing any home-buyer wants is unexpected special assessments. You should ask your buyer broker to get you these very early on during the due diligence period. I've attached a link below that gives a lot more information on this subject.