Condominium Terminology Explained

The Perkins & Anctil website has a number of sections that could be helpful to condominium unit owners. These explain concepts behind the creation of a condominium, their operation and the associated legal aspects. The following can be found in the Condominium Law section under the Glossary heading:

Condominium Fees: These pay for the maintenance and operating expenses of the condominium. They are also known as Common Area Fees. Most Condominium fees include the master insurance policy and exterior maintenance of the building. It may also pay for landscaping, snow removal, cleaning of common areas, pool maintenance, etc. Each unit owner has an undivided interest in the common elements of the building. This ownership interest is often referred to as “percentage interest.” The percentage interest is the unit’s ownership percentage of the common elements and is used in calculating the fees that unit owners must pay towards their upkeep and renewal.