Condominium Common Assessments Law and Legal Definition

Condominium Common Assessments refers to assessments that are charged proportionately against all units for common purposes.

The condominium association, which is the entity formed by the unit owners to manage and maintain the condominium property and finance, usually sets a budget for all the condominium expenses and divides these expenses among the unit owners. These fees are called common assessments or condo maintenance fees and are usually paid on a monthly basis. The association can also create reserves for future maintenance and repairs. Assessments are usually based on the annual estimated expenses for the property. Common expenses of the property can typically include, but are not limited to: gas; sewer; water, electricity for common areas; scavenger; lawn cutting; snow removal; hallway cleaning; insurance for common areas; professional management, parking lot maintenance; legal and audit fees; as well as short- and long-term replacement reserve.