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Condo Boards Crack Down on Delinquent Owners

by Michael Levy on June 27, 2012

in National, NEWS

Money Matters PHOTOCondo boards have a message for delinquent owners who fail to pay their monthly fees: Pay up or move out.

“Some are publicly shaming deadbeats by posting their names on hallway bulletin boards or barring them from facilities like health clubs and concierge services,” The New York Times reports. “Others are reflexively filing liens against owners who are more than 60 days in arrears. And boards are writing requirements into their bylaws to provide additional protections.”

More boards say they’re adopting a “zero-tolerance policy” when it comes to missing dues.

For example:

one board in New York City building told The New York Times that its policy includes a 10-day grace period in which the owner is sent a letter about failing to pay dues. If the owner doesn’t respond, a second letter is issued and then referred to the building’s lawyer who may then file a lien against the unit.

To read the full article, click here: Realtor Mag

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