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How Are Apartment Maintenance Fees Regulated?

Apartment maintenance fee

When buying a condominium apartment, many customers will ask themselves, what is the cost of maintenance of the apartment, who is managed and used? Let Vietnam Real Estate find out more about this.

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Who is responsible for the maintenance and use of the apartment?

For common property, there is often a situation where people are indifferent, assuming responsibility is not theirs. All activities that take place in a condominium affect the lives of so many people. So maintaining a stable operation is very necessary.

The apartment will have common parts such as common pathways, parking tunnels, etc., and to maintain the overall performance of the apartment requires a certain amount of funding. This funding source shall be deposited at a commercial bank managed by the Condominium Management Board for the maintenance of common ownership, through activities such as periodic maintenance and repairs. irregular treatment,…

When starting to use the apartment has to set up a management board, in fact, there are many apartments has been in operation for several years but there is no board. In this case, residents in the apartment need to meet again in order to set up the management board and ask the investor for transparency in the use of maintenance funds to ensure their legitimate interests.

Apartment maintenance fee
Apartment Management Board

How are the fees calculated and by whom?

Clause 1 of Article 51 of Decree No. 71/2010 / ND-CP stipulates: “The fund for maintenance of common parts of condominiums with many owners is stipulated as follows:

a / Where investors have signed apartment sale contracts from the effective date of the Housing Law, the investors shall have to pay the following expenses:

– For the area of the house sold, 2% of the proceeds from the sale shall be paid, which shall be included in the sale of the apartment or other areas payable by the buyer and clearly stated in the purchase contract;

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– For the part of the house which the investor retains and does not sell (excluding the area under common use), the investor shall pay 2% of the value of such area; This value is calculated according to the highest selling price of the condominium. “

Thus, when buying and selling houses in the apartment, the buyer will have to pay 2% of maintenance costs. It should be noted that the cost of maintenance 2% of the sale of the house must be clearly stated in the contract.

Apartment maintenance fee
illustration

In fact, there are many cases where apartments are transferred many times, the buyer after the purchase and sale with the investor has transferred to another person. The current law does not specifically regulate this issue, leading to the case where the investor pays one time for the first purchaser and the investor has to collect several times for the user.

Normally, maintenance fees are usually paid by the owner to the first buyer’s purchase contract. Therefore, before receiving the transfer of the apartment from the owner, the transferee should learn about this issue to avoid the case of investors who want to seek benefits that require the user to pay more this fee.

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How Are Apartment Maintenance Fees Regulated?
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