November 2007

Financing Your Association 

The Association receives the funds to pay for normal operations and provide reserves for future capital expenses solely from you, the unit owners in the Association.  Maintenance fees and assessments must be paid by all unit owners on a timely basis.  Otherwise the amount not received must be made up by those who pay their fees on time. 

Fortunately, the overwhelming majority of unit owners pay their fees on time and some have paid in advance.  If your personal situation causes financial difficulties, it is important to remember that your condominium fee payments are second only to your taxes and mortgage.  The declaration provides for the filing of a lien any time a payment is 10 or more days overdue and foreclosure action may follow thereafter.  Although the Association cannot forgive or otherwise waive delinquent fees, payment plans may be approved to bring an account current within a reasonable period of time.  You should provide the details of your situation in writing and send it to the Association for consideration.