Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Replacement Reserve Fund


Synonyms:condo board replacement reserve fund, homeowner's association replacement reserve fund, replacement reserve
Filed Under: real-estate
Tags: realty
 

Definition of replacement reserve fund

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

Related Terms and Acronyms:

  • amenities   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   Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
  • Homeowners' Association (HOA)   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   Money that a homeowners or condominium association sets aside for major repairs and capital improvements.

Search the Glossary

Mortgage Payment Calculator
Did you know that you can save over $28,000 in interest on a $300,000 mortgage by simply switching to biweekly-accelerated payments? Find out how much you could save on your next mortgage with our new calculator.
Try Our New Calculator
 
Who has the Best Mortgage Rate?
There are well over a hundred mortgage lenders in Canada competing for your business. Wouldn't it be nice to know who's got the best mortgage rates in Canada? Whether you want flexibility or rock-bottom rates, we will make sure you get what you need.
Canadian Mortgage Rates
 
Mortgage Brokers are Faster than a Bank
Getting a mortgage through the bank is a long and painstaking process. Our mortgage brokers are able to get credit checks and pre-approvals for you in a fraction of the time. It's never been easier to buy a home. Through a broker you'll be living comfortably in your new home faster than you think.
Mortgage Brokers Work For You