The fee is monthly. However, to add to the great answer already provided, be sure to inquire about special assessments. Typically, these represent costs that are or were above those the association budgeted for repairs, maintenance, etc. It is always important to find out whether special assessments are allowed and whether they have ever been charged. You will want to carefully review all of the related documentation (covenants, conditions, and restrictions) carefully so that you do not experience any unwanted/unexpected surprises down the road.