Important Changes to Condo Dues, Late Fees, and Collections

NOTICE

The following condo fee policies will be diligently enforced on behalf of the Association by our property management company, Thos. D. Walsh (TDW), starting November 16, 2013. 

NOTE: Visit the "Condo Docs" page of the blog or click this link for an updated copy of the House Rules. Section 2.4 of the House Rules includes ALL information related to Condo Fees and Assessments (including the below info).

Dear Owners,

The Board has adopted the measures detailed hereafter in an effort to curb increasing condo fee delinquency among owners, discourage Association members from carrying persistent outstanding balances, and ensure equal treatment of all owners.

The Board of Directors, on August 27, 2013, at its regular monthly meeting at which a quorum was present and acting throughout, unanimously adopted and carried an increase to the administrative charge assessed for late monthly payments of condo fees. The administrative fee for late payments of condominium assessments is now $50. In the spirit of leniency, the Board has instructed TDW to only charge an administrative late fee to owners with an outstanding balance greater than $50.

Additionally, since the creation of the Bylaws, Section 6.3 has authorized the Association to charge owners interest on any amount past due (including late fees) at the rate of 10% per annum. The accounting software of our former property management company, Tilmon Properties, was not able to process this interest charge. The Board has directed TDW to begin processing late fees and interest charges on all outstanding owner balances as of November 16, 2013.

Lastly, the Board has also directed TDW to initiate legal proceedings against all owners with unpaid balances over ninety (90) day past due. In other words, owners will receive only two late notices (one per month, for two months in a row) for an outstanding unpaid balance before the Association initiates legal action. At the time of the third late notice, TDW will turn the collection over to the Association's legal counsel.

Example:

Date	Condo Fees	Balance	Number of days the Jan 2014 Condo Fees are past due
Jan 15, 2014	100.00	100.00	-
Feb 15, 2014	100.00	200.00	30 days
Mar 15, 2014	100.00	300.00	60 days
Apr 15, 2014	100.00	400.00	90 days*
*initiate legal action on day 91 (April 16, 2014)

Please email board@thenewplaza.com with any questions.

IN SUMMARY: Condo fees are due in full on the first of each month (with a grace period through the 15th of the month); Owners with an outstanding balance GREATER THAN $50 will be assessed a $50 late fee; ALL outstanding balances (including those less than $50) will be subject to an interest fee of 10% per annum; The Association will initiate legal proceedings against owners carrying an unpaid balance over ninety (90) days past due. In accordance with the Bylaws, delinquent owners will be charged all fees, including attorney's fees, incurred in collection.