Maintenance Fee

Importance: 0.43

Is a company: no

Is a proper noun: no

Synonyms

  • up-keep
  • common area maintenance
  • management fee
  • overhead

Definition of Maintenance Fee

  1. 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.

Related Terms and Acronyms

  • Reserve Fund Definition,
    • Money that a homeowners or condominium association sets aside for major repairs and capital improvements.
  • 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.
  • 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.
  • Condominium Fees Definition,
    • Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
  • Common Interest Development (CID) Acronym,
    • A housing area in which owners belong to a homeowners association that owns and maintains common areas.
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