Without assessments, community associations would be unable to function. Boards of directors have a duty to collect assessments from owners to ensure their associations can operate. While the issue of delinquent homeowners is largely unavoidable, associations can set themselves up for success when collecting late assessments by following best practices and avoiding common pitfalls. UpdateGo to Resource
Collections Resources
There are several universal best practices I find myself repeating over and over in discussions with managers and Board Members. The following are the top 10 points that I suggest all Boards consider. As you are navigating delinquent balances, keep the following pointers in mind: 10. Don’t throw good money after bad. Most of theGo to Resource
Unfortunately, sometimes homeowners pass away. When that happens and the homeowner owes a balance to the association, boards often have many questions about what that means and what they should be doing. First and foremost, remember that the heirs are grieving their loved one. Board members are often torn between wanting to be respectful ofGo to Resource
When a property is set for a closing, the title company handling the closing will request a status letter from the management company or board. The status letter contains quite a bit of information, including telling the title company how much of the profits from the sale should be withheld to pay the balance dueGo to Resource
How time flies! In April 2021, I published Payment Plan Offer Letters & Top Pitfalls We’re Seeing. While the information contained in that blog is still relevant, when HB22-1137 became effective August 2022, a whole new slew of payment plan offer letter issues emerged. The 2022 law change upended the delinquency notice process and it’sGo to Resource