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Finances

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 tools

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Finances

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 as

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Finances

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 not

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Finances

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 authority

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