Condominium Fees
Definition
- Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping, fencing, roofing and building amenities. This fee is perpetual and may rise over time; it is one of the biggest hidden costs of condo ownership. Condominium fees are regulated by an elected condo board which is usually made up of owners within the complex.
Synonyms
strata fees, maintenance bill, homeowners fee
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.
- 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.
- 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.
- Maintenance Fee — Definition,
- A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
- Replacement Reserve Fund — Definition,
- Money that is set aside by a homeowners association or condominium board to replace common property, such as playground equipment.
- Reserve Fund — Definition,
- Money that a homeowners or condominium association sets aside for major repairs and capital improvements.
