Replacement Reserve Fund

Definition

  • Funds that are set aside by a homeowner's association or condominium board to replace common property, such as playground equipment.

Synonyms
replacement reserve, condo board replacement reserve fund, homeowner's association replacement reserve fund

Related Terms and Acronyms

  • Amenities Definition,
    • Amenities are features such as green space, playgrounds, community centres, shopping malls, or swimming pools that make a neighbourhood or community more desirable for living.
  • 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.
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