Do the Right Thing…Assessments are Due on the 1st, Not on the 30th!

Assessments are Due on the First of the Month

I cannot tell you how many times over the years that our staff has heard an owner call our office after receiving a late letter and exclaiming, “I am not late, it’s due on the 15^th, 30^th, etc.”  No it isn’t, if you read your association’s documents I am sure that most of them state that it is due on the first of each month or the first day of each quarter and thereafter there is a “grace period” of a certain amount of time.  Then after the grace period the assessment is now considered late.  Along with being late, there are additional amounts owed in the form of late fees, interest penalties and possibly administrative charges.

Your association, especially in these tough times, is counting on receiving the assessments on time.  Besides, by being a member in good standing and by being current with your assessments, it would be helpful if you could pay your assessments on or before the 1^st of each month that it is due.  Your association needs these funds to operate and to maintain your association (pay the monthly water bill, for example) and owners’ timely payments help.

Just like the mortgage payment and car payment, these obligations are both due on the 1^st of each month and your association’s assessments are due on the 1^st too.  When making your next maintenance assessment payment, do the right thing and try to get it there “on time” by the “due date” which is on the 1^st of the month. By doing this small gesture you will are helping your association to continue operating in the manner that was budgeted and your fellow residents and your Board of Directors will be grateful, too.

Tagged as: assessments, Community Association, Maintenance