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

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.

 

Search Articles...

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

Seminars & Events

No events
October 2017
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31