Part of living in a condo association means agreeing to pay all monthly dues and special assessments levied by the board. Unit owners who fail to make their payments on time could face serious consequences, including foreclosure and eviction.
What Happens When a Unit Owner is Delinquent
The condo board or the association’s management company is responsible for collecting all dues and assessments. If a unit owner is delinquent on payment, the dues collection process kicks in and the owner is notified that they are late with payment.
- First, the association should attempt traditional debt collection methods, such as sending a demand notice and making phone calls to collect payment.
- If the owner still does not pay their association dues, the association may be able to get a lien on the property for the delinquent assessment payment. This action could lead to an eviction for the unit owner.
Your association’s governing documents should be very clear about the dues collection process. Documentation is especially critical in the event of a dispute or litigation. Keeping thorough financial records and remaining transparent are also musts.
If you need help with the financial management aspect of running your Chicago condo association, our team at First Community Management can help. Get in touch today to learn more about our full-service program and ask your questions about association management.