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If condominium owners are obliged to contribute to the sinking fund, they must also pay the maintenance fee.
Maintenance Fee
The purpose of the maintenance fee is different from the sinking fund in the sense that the former is intended for everyday and minor maintenance work on the development. It is also used to fund the functions of the condo management plus the salaries of the workers that the development employs such as its security personnel. Nonetheless, there may be expenses in which the fund may be used for as long as a vote has been reached between unit owners.
Sinking Fund
The sinking fund is collected in advance but on the contrary, the maintenance fee is collected monthly. However, it does share some similarities with the sinking fund because the maintenance fee is also based on the area of each unit per square meter.
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3 Comments
Art Granados November 6, 2010
This is my first time that i visit right here. I found a lot of beneficial stuff in your real estate blog site especially it’s discussion. I saw a lot of feedback on your articles, I suppose I am not the only one receiving the satisfaction here! keep up the good work.
Wayne Riner November 28, 2010
Thank you for sharing this information, I would recommend it to my Thai friends, and hopefully this article useful to those who read it. thanks.
Dana Adema December 13, 2010
Howdy.
I myself guess it might be a difficult time to purchase a new home.
The banks wouldnt give loans.
I hope it will change to a better situation when the recession is eventually finished.
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