Maintenance Fee
Definition
- A periodic assessment or charge that residents pay to their homeowner's or condo association to pay for the maintenance and repairs of common areas.
Synonyms
management fee, common area maintenance, overhead, up-keep
Related Terms and Acronyms
- Common Area Assessment — Definition,
- A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs, and improvements to the property's common areas, such as hallways, elevators, parkades, swimming pools, and gym facilities.
- Common Interest Development (CID) — Acronym,
- A housing area in which owners belong to a homeowners association that owns and maintains common areas.
- Condominium Fees — Definition,
- Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
- Homeowners' Association (HOA) — Company,
- An elected group that governs a subdivision or planned community. It collects fees from owners to maintain common areas and enforce covenants, conditions and restrictions set by the developer and the association itself.
- Reserve Fund — Definition,
- Money that a homeowners or condominium association sets aside for major repairs and capital improvements.
