Regulations On Apartment Maintenance Fund For Investors

What is an apartment maintenance fund?

Apartment maintenance is the upkeep of the technical components of the building. These include the apartment owner's private space and the common areas shared by all building residents, such as hallways, elevators, and the lobby.

The apartment maintenance fund is understood to be the proportion of expenses contributed by the apartment owner for the upkeep of the building's common areas. The 2014 Housing Law regulates the use of the apartment maintenance fund for common ownership in Article 109. The content and administration of maintenance records must conform to construction law.

Regulations on apartment maintenance fees

According to Article 108 of the 2014 Housing Law, apartment maintenance fees are determined by the following factors:

• The owner or tenant will be responsible for paying the shared property maintenance fee, which is 2% of the value of the apartment or other area.
• Maintenance fees must be clearly and fully detailed in the rental or purchase agreement. When receiving the house handover, the user needs to pay the entire apartment maintenance fee to the investor or the person authorized to collect on behalf of the building management company.
• The investor is responsible for collecting fees directly from the buyer or tenant within 7 days and depositing the total amount into a savings account.
• The investor is responsible for transferring the apartment maintenance fee to the management board in the next 7 days, and the two parties must agree on the maintenance fee data settlement dossier.

Regulations on the use of maintenance funds for the Investor and the Board of Directors

The apartment maintenance fund must be utilized according to Point C, Clause 3, Article 102 of the Housing Law of 2014:

• The usage of the maintenance fee will be determined by the owner and management board.
• Maintenance expenses must be approved by the price of operation management services and are governed by the terms of the contract and the service price bracket.
• The management board and the investor are responsible for making a clear declaration to the apartment owner after using the maintenance fund.

Taisei VN hopes that the aforementioned regulations on the apartment maintenance fund will help customers better understand the fund and provide them with appropriate management solutions to avoid operational disputes.

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Contact information

Taisei VN

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