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:
- Heating, Electrical and Plumbing
- Building Exterior
- Common areas