Maintenancefund, also known as "public maintenance fund" and "special maintenance fund", refers to a fund that the owners of residential properties pay a certain amount of money to a special account for the maintenance of public facilities and equipment in the property area, and authorize the owners' committee to manage and use it uniformly.

The maintenance fund is raised by the owners of the property, who enjoy the ownership of the maintenance fund according to the proportion of payment, but the right to use it belongs to all owners, and individual owners may not withdraw all their own maintenance funds from the bank. Maintenance funds are combined with specific houses, which will exist and disappear with the existence of houses and will not change with the changes of specific owners.

Extended data

When the buyer purchases the house from the developer and handles the property right transfer, the maintenance fund shall be paid to the commercial bank designated by the real estate department in the district where the property is located according to the ratio of 2% to 3% of the total house price. The specific collection standard of maintenance funds is determined by the local real estate administrative departments according to local conditions.

The owners' committee shall set up a special account for the property maintenance fund in the commercial bank designated by the real estate administrative department, and report the account to the real estate administrative department for the record. The account is all the maintenance funds paid by the owners in the property. This account can only be used for the storage and management of the maintenance fund and shall not be used for other purposes.

Haikou Housing and Social Security Bureau-Maintenance Fund Concept