Thursday, November 26th, 2009
How should late payment fee and interest be calculated on late condo maintenance due?
taifdad asked:
Should the late payment fee and interest charge be compounded monthly like the bank or tallyed at the end of the year? What charging practice do condo association use?? This is a serious question folks. Those qualified to answer please do. Thanks.
Should the late payment fee and interest charge be compounded monthly like the bank or tallyed at the end of the year? What charging practice do condo association use?? This is a serious question folks. Those qualified to answer please do. Thanks.
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November 27th, 2009 at 4:34 am
It all depends on your Association. I know they are horrific to work with but you will need their association contracts to find out. When you purchased your condo your Realtor should have provided you with a packet of how the association “rules mighty over it’s tenants”.
It’s an entire packet that every buyer gets along with the disclosures during escrow. Hope this points you in the right direction. Good luck.