Plain language guide

55+ community terms, explained.

Use this guide to make sense of the words that come up when you compare communities and homes.

Association fee

A regular payment that may cover shared services, amenities, insurance, landscaping, or building maintenance.

Assessment

An extra charge the association may collect for a specific repair, improvement, or unexpected cost.

Reserves

Money an association saves for future repairs and major expenses.

Approval

The association’s review process before a buyer can move in. It can include forms, fees, and a timeline.

Estoppel

A document that confirms the current fees, balances, and association information for a specific home.

Master association

A larger association that may manage shared roads, gates, or amenities while a smaller association manages the neighborhood or building.

Club membership

Access to a club or its facilities. It may be optional, required, or separate from the home purchase.

Still unsure about a term? Call Paul at 561-220-2345.