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
overhead, up-keep, management fee, common area maintenance
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.
