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 corridors, elevators, parking lots, swimming pools and tennis courts.
Synonyms
shared area assessment, public space, maintenance fees estimate
Related Terms and Acronyms
- Common Areas — Definition,
- Areas of a building or land and the amenities owned (or managed) by a planned unit development, or condominium project's homeowners' association, or a cooperative project's cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common hallways of buildings, parkades, means of ingress and egress, etc.
- Condominium (condo) — Abbreviation,
- A condominium is an apartment building or townhouse complex where the structure and living areas are managed and owned, rather than rented, by the building's tenants.
- A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
- Condominium Fees — Definition,
- Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
- Maintenance Fee — Definition,
- A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
