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collection procedures: HOAs and Assessments
- 12/15/08 02:08 AM
In today's economy almost everyone is feeling the money pinch and this includes most Homeowner Associations. Now more than ever it is important to have a written collections procedure in place. It's a good idea to have these procedures in place whether you are self-managed or have a management company.
Here's some of the items your Board may want to establish as a written procedure:
1. Due Date (s) - Be consistent with your Delcaration and/or By-Laws
2. Provide a "grace period" and explain the late fees or interest that will be charged after the grace period.
3. Specify the order of applying monies … (4 comments)
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