homeowners association fee (HOA Fee)

Popular Terms
The annual or monthly fee charged by homeowner's associations to fund maintenance and improvements for property under their jurisdiction. This is more typical in housing communities and condominiums where a group is in charge of maintenance and improvements rather than the individual homeowner, especially when such properties have common areas like swimming pools and park areas. Usually homeowners must pay the fee as a condition of purchase, with no option for refusal. Each HOA will have its own set of rules and level of strictness regarding enforcement, which all members must abide by.


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