Property Management Glossary
Key terms and definitions for housing cooperatives and landlords in the Baltics.
- TermDzĪKS
Housing Cooperative: A non-profit legal entity formed by apartment owners to manage and maintain their common property.
- TermUzkrājumu fonds
Accumulation Fund: A dedicated fund where residents contribute monthly for future major repairs or building improvements.
- TermApsaimniekošanas maksa
Property Management Fee: The monthly fee paid by owners to cover the administration and maintenance of the building and its common areas.
- TermŪdens zudumi
Water Meter Discrepancy: The difference between the building's main water meter and the sum of all individual apartment meters, often divided among residents.
- TermPārejošais parāds
Rolling Debt: Outstanding balance from previous billing periods that carries over to the current invoice.
- TermNokavējuma nauda
Late Payment Penalty: A charge for failing to pay utility or management bills by the specified deadline.
This glossary is updated regularly to reflect local legislation and industry standards in Latvia, Estonia, and Lithuania.