CAM

Definition

Abbreviation for "Common Area Maintenance Fee," which is a fee paid collectively by the owners of individual units for the maintenance and upkeep of the non-exclusive areas of the premises.

Example

The common areas are the undivided parts of the commonly owned premises, such as the parking lot, lawns, corridors, lobbies, elevators, etc.

Tips

The responsibility for upkeep and maintenance of these areas is collective. The fee is used to manage expenses for the management and repair of any damage to the same.