Also called: Interest free maintenance security, Maintenance security
Interest-free maintenance security: a one-time deposit collected by builders, mostly in the NCR, meant to be handed to the residents' association to fund future maintenance.
How it works and what to check
IFMS is usually charged per square foot at possession. It is a deposit, not a charge, and the builder is expected to transfer it to the association once one is formed, not use it for running costs.
Get a receipt showing it as IFMS, and ask the association later whether it has received the money.
Common questions
Is IFMS refundable to the owner?
Usually not to the individual. It is held for the building and passes to the association.
Does IFMS transfer when I sell?
Practice differs. Buyers and sellers often adjust it in the price.