Replacement Reserve Fund
Definition
- Funds that are set aside by a homeowner's association or condominium board to replace common property, such as playground equipment.
Synonyms
homeowner's association replacement reserve fund, condo board replacement reserve fund, replacement reserve
Related Terms and Acronyms
- Amenities — Definition,
- 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 — 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.
