Q. Our condo board is passing a special assessment for some major repairs that need to be done. We want to apply a late fee of $50 for each month that owners don't pay the assessment. Can the board do this?

Is there a limit to how much we can charge in late fees? We're worried that owners won't pay and we won't be able to pay the contractor on time.

A. Having a clear policy in place for collecting assessments is important for any condo association. This includes when payments are due, the amount of any late fees that will be applied and the consequences of falling seriously behind. However, when establishing your late fees it's important to

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