The purpose of this post is to explain the payment procedure process in general.
Owners can expect a statement from the Management Company around the last week of each month. These will be mailed unless the Unit Owner opts for e-statements. There is a fee for printed and mailed statements, which will be charged unless and until the Owner opts for the electronic option.
Statements will typically show the previous balance and any new payments or charges since the previous statement, and the ending balance due. This is a statement of account, not an invoice, and will reflect the status of the account at the time it is printed. It will show the upcoming month’s recurring charges (assessments, parking, storage) but not any other activity that occurs on the account after printed.
Monthly assessment payments are due on the 1st of each month, consistent with the Declaration & Bylaws. There is a grace period until the 10th of the month, after which accounts with ANY balance due may be subject to late fees. Payments may be accepted in the office until the 10th, mailed to the lock box, or made electronically a number of ways. You can click here to review these options in more detail and reach out to the office email@example.com if you have any questions.
When any payment is received, it is first applied to any outstanding charges on the account starting with the oldest. After all charges have been paid, the remaining funds will be applied toward the payment of the current monthly assessment charge or other most recent charges.
On any accounts with a balance greater than 45 days, the Association shall turn it over to legal counsel for collections and potentially file suit to enforce collection as provided by law and consistent with the governing documents. There shall be added to the amount due, all late fees, legal expenses, and any other cost related to the collections. The Association may also take possession of such defaulting Unit Owner’s unit and maintain an action for possession of the Unit in the manner provided by law. Typically, the unit will then be rented out and the rent will go to pay the balance on the account, and reasonable expenses necessary to rent the unit out and maintain the unit in a rentable condition shall be charged back to said account.
The Association also reserves the right to place a hold on accounts with a lingering unpaid balance. Except for emergency work (such as leaking, floods, loss of utilities), no maintenance work of any kind may be done in any unit if the collection process for late assessments is in the hands of the attorney.
If any payment whether automatic, electronic or check is returned by the bank (for whatever reason), an NSF fee will be charged to said account. If an owner makes two payments that are returned, payment by personal check or auto debits may be refused for a one-year period and only certified checks or money orders will be accepted as forms of payment.