Assessment Collection Tools & Tips
The financial health of a common interest community association is dependent upon the timely payment of assessments by association owners in order to pay the common expenses of the association. Inevitably, many associations face a difficult, yet common challenge – an owner who is delinquent in the payment of assessments. Both legal and non-legal toolsRead More
Is Death the End of Collections?
You are sitting there enjoying a morning coffee and reading the paper when you receive urgent messages from the other Board members. They heard the horrid rumor that the owner in Unit Z died. Your first reaction is horror at the early demise of your neighbor, and the second reaction is that gut-wrenching feeling asRead More
To Foreclose or Not to Foreclose? What to Consider When That Is the Question
Foreclosure is a matter of last resort. Whether an owner is unable to or neglectful in paying assessments owed to an association, the last remedy that should be considered to get paid is foreclosure. A foreclosure takes time, it is costly, and it is designed to displace an association member who cannot or will notRead More
Modernizing Condominium Documents to Streamline Assessment Collection
This article provides an overview of important provisions and issues to be considered in modernizing condominium governing documents in order to streamline the collection of delinquent assessments. Assessment collection is critical to the efficient operation of a condominium. Governing documents play an important part in the collection process by establishing a condominium association’s collection authorityRead More