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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Maintenance Fee


Synonyms:common area maintenance, management fee, overhead, up-keep
Filed Under: real-estate
Tags: realty
 

Definition of maintenance fee

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:

  • common area assessment   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)   A housing area in which owners belong to a homeowners association that owns and maintains common areas.
  • 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.

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