Condo Fees

    0

    Definition:  According to the Business Dictionary a Condo Fee is:

    A monthly fee assessed by an association on the owners of condominiums to cover the cost of maintenance, repairs, and security of buildings and common areas. The amount of the fee is determined by the association and usually represents a proportionate share of total expenses based on the size of the condominium unit.

    Part of the monthly fee goes towards the day to day operations of the condominium. Another part goes towards the condo reserve fund, which is a separate account to set aside money for anticipated future repairs, maintenance and replacement of building systems, including, for example:

    • Roof
    • Windows
    • Heating, Electrical and Plumbing
    • Building Exterior
    • Common areas

    The health of the reserve fund is checked and examined by a reserve fund study.

    Condo Fees
    Vocabulary Definition and explanation of Condo Fees

     

    Never miss an episode of our real estate podcast. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube

    Check out our Podcast

    No tags for this post.
    SHARE
    Previous articleDeposit Cheque
    Next articleWellington Crescent
    🏆 Award-winning RE/MAX Listing Agent and 🏡  Home Buying Specialist in Winnipeg. If you're thinking about real estate in Winnipeg, think "𝘽𝙤 𝙆𝙣𝙤𝙬𝙨 𝙃𝙤𝙢𝙚𝙨" 📲  𝘾𝙖𝙡𝙡 𝙤𝙧 𝙩𝙚𝙭𝙩 (204) 333-2202 𝙩𝙤 𝙗𝙤𝙤𝙠 𝙮𝙤𝙪𝙧 𝙖𝙥𝙥𝙤𝙞𝙣𝙩𝙢𝙚𝙣𝙩.