Quote:
Originally Posted by neckdweller
Maxum - You seem to hate all those annoying condo bylaws that state how you maintain your property/etc. (I wouldn't want to deal with them either - I can't imagine owning a condo in my lifetime) . Meredith Weekender was just talking about how they go about either collecting past due bills which I'm all for. I am a huge opponent of people milking the system and the only bailouts that should be happening is if your boat springs a leak.
Weekender - I'm assuming that this isn't a "your 5 days late, we're shutting off your water" situation. If there are unusual circumstances is there some way that people can set up payment plans or talk with the assoc. to make things work?
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The tactics used by the Board is to protect the interest of the other owners. The owners are given several chances to bring their accounts current or get onto some type of a payment plan. Typically when we hit the 90 day mark they get a demand letter from the attorney. At 120 days if a repayment plan is not in place they get a notice stating that in 60 days they will lose all common area privileges. If a tenant is in the unit then we will just attach the rent and have the tenant pay us and all services remain intact.
The purpose of this is to protect the interest of all of the owners involved in the association. When you have garden styled units that include heat and hot water with the condo fee then you know that the association has some big obligations every month. If the fees are not coming in then a special assessment has to be made against the owners to make up the deficit needed. Guess what, the owner that did not pay his monthly fees is not going to pay the assessment either, so now the assess ment has to be higher.
When you buy into an association whether for your home or an investment, your buying into the condominium program of abiding by the rules and regulations of the association. If you don't like the rules, then don't buy.