Does your condominium association have an acceleration clause in its bylaws? This nifty bit of language can help you to collect extra funds from delinquent owners so that you do not have to repeatedly take them through the collections process.

An acceleration clause allows the board to accelerate payment of the monthly assessments due from an owner through the end of the year. So if an owner falls behind in April, for example, the association can apply all of the charges that will come due from that owner through December when pursuing collection action.

This can be helpful if the association is concerned that an owner will pay what is due up through the current month but then fall behind again. Using an acceleration clause allows the association to collect from an owner in advance, and hopefully avoid a revolving door of collections. 

Need help with collections? We can help your association to collect as much as possible as quickly as possible. Get in touch with Haus Financial Services today!

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