A community association is an organization of property owners that oversees common interests and responsibilities within a community, such as managing common elements in a condominium or enforcing deed covenants in a subdivision.
A Homeowners' Association (HOA) is an organization of homeowners in a particular subdivision, planned unit development, or condominium. It is generally formed for the purpose of enforcing deed restrictions and managing the common elements of the development.
A maintenance fee is a periodic payment made by property owners or account holders to cover the costs of upkeep and operations, particularly in real estate or financial accounts.
A replacement reserve is an amount set aside from net operating income to pay for the eventual wearing out or replacement of short-lived assets.
