Association Fee

A monthly or yearly cost that is paid by renters or owners (typically within multifamily buildings, apartments, condominiums, or gated communities) to an organization that will cover maintenance, property management, improvements, amenities, and any other property-related activities. Certain homes within indicated areas are governed by a homeowners’ association that is responsible for making sure all homeowners in the specified neighborhood or community maintain their individual property according to the agreed upon standards of upkeep and appearance. The homeowner’s association also oversees the common areas of the subdivision and common grounds maintenance such as mowing, landscaping, and any exterior walls or gates separating the neighborhood from other properties. The money paid for these fees may also be used for cleaning of the common areas such as trash removal and sidewalk or street sweeping. The maintenance of security measures used in common by the homeowners might also be paid by these fees, such as gate or wall maintenance or the common usage areas such as tennis courts and pools. The amount to be paid an Association Fees are disclosed before the purchase of a home in such a neighborhood or community. The fees as well as a calendar of when they need to be paid is important information for a potential homeowner to have as this might affect the decision to buy in such a subdivision.